Upcoming IPOs: Patel Retail, Garuda Construction get SEBI's approval to float public offers

Upcoming IPOs: Supermarket chain Patel Retail and construction and engineering services provider Garuda Construction and Engineering have received approval from the market regulator Securities and Exchange Board of India (SEBI) to raise money via initial public offerings (IPO).

The two companies filed draft IPO papers with SEBI between April and June. They received their observations last week, an update with the SEBI showed on Monday, August 26

In SEBI's phraseology, an observation means approval to float an initial share sale.

Patel Retail IPO

According to the draft red herring prospectus (DRHP), Patel Retail's IPO will consist of a fresh issuance of 90.18 lakh equity shares and an offer for sale (OFS) component of up to 10.02 lakh shares.

The company will use ₹60 crore from fresh issue proceeds for debt repayment, ₹115 crore for funding working capital requirements, and a portion for general corporate purposes.

Established in 2008 with an inaugural store in Maharashtra's Ambernath, Patel Retail has expanded operations in suburban regions of Raigad and Thane districts.

Garuda Construction and Engineering IPO

The proposed IPO of Garuda Construction and Engineering Ltd is a mix of a fresh issue of 1.83 crore shares and an OFS of 95 lakh equity shares by promoter PKH Ventures Ltd.

The fresh IPO proceeds will support the working capital requirement, inorganic acquisitions, and general corporate purposes.

Garuda Construction and Engineering is involved in several residential, commercial, residential-cum-commercial, hospitality, infrastructure, and industrial projects.