Garuda Construction And Engineering IPO Allotment Today — Steps To Check Status And More

The initial public offering of Garuda Construction and Engineering Ltd. was subscribed 7.55 times on its third and last day of bidding on Thursday. The Rs 264 crore IPO received bids for 15,03,44,299 shares against 1,99,04,862 shares on offer, according to data available with the NSE.

The portion meant for Retail Individual Investors (RIIs) got subscribed 10.81 times while the quota for non-institutional investors received 9.03 times subscription. The category for Qualified Institutional Buyers (QIBs) fetched 1.24 times subscription.

Garuda Construction and Engineering IPO was subscribed 4.10 times on Day 2 and 1.91 times on Day 1.

The IPO was a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The company fixed a price band of Rs 92-95 per share for its initial public offering.

Garuda Construction and Engineering on Monday said it has raised Rs 75 crore from anchor investors.

The allotment for the Garuda Construction IPO will be finalised on October 11. The company's shares will be listed on the BSE and the National Stock Exchange on October 15.

Investors can check the Garuda Construction IPO allotment status on the official website of the registrar for the IPO, Link Intime India Pvt. Ltd. and on the BSE website.

• Visit the official website of Link Intime India here.

• Choose 'Garuda Construction and Engineering Limited' from the list of companies in the dropdown. (The name will be displayed once the share allocation is finalised)

• Select either PAN, Application Number, DP/Client ID or Account Number/IFSC to verify your allotment status.

• Enter the required information based on your selection above.

• Click the 'Submit' button to check your allotment status.

• Go to the official BSE website at https://www.bseindia.com/investors/appli_check.aspx

• Select the issue type as 'Equity.'

• Choose 'Garuda Construction and Engineering Limited' from the dropdown menu.

• Enter your application number or PAN (Permanent Account Number).

• Complete the 'Captcha' for verification.

• Click on the 'Search' button to view your allotment status.

Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes including unidentified inorganic acquisitions.

The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, having an order book of Rs 1,408.27 crore.

On financial front, the company's revenue from operations rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a Compound Annual Growth Rate (CAGR) of 26%. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, growing at a CAGR of 25%.

(With PTI inputs)

Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.