Garuda Construction And Engineering IPO Subscribed 7.55 Times On Final Day

Garuda Construction and Engineering Ltd.'s IPO was subscribed 7.55 times on its third and final day. It was subscribed 1.91 times on Day 1 and 4.10 times on Day 2. The subscription is led by retail investors. The company's grey market premium or GMP was nil as of 4:55 p.m.

Garuda Construction and Engineering is looking to raise up to Rs 264.1 crore, of which Rs 173.85 crore worth of shares will be a fresh issue and Rs 90.25 crore will be given up as offer for sale.

Ahead of the IPO, Garuda Construction raised Rs 75 crore from anchor investors. The board finalised allocation of 78.95 lakh shares at a price of Rs 95 apiece and maximum shares in the anchor book round were bagged by AG Dynamic Funds Ltd.

Garuda Construction's shares will list on the BSE and the National Stock Exchange.

• Issue opens: Oct. 8.

• Issue closes: Oct. 10.

• Issue price: Rs 92 to Rs 95 per share.

• Fresh issue: Rs 173.85 crore.

• Offer for sale: Rs 90.25 crore.

• Total issue size: Rs 264 crore.

• Bid lot: 157 shares.

• Listing: BSE and NSE. 

Garuda Construction and Engineering is a Mumbai-based Engineering, Procurement, and Construction company.

The company's revenue from operations grew in fiscal 2024, standing at Rs 154.17 crore, according to the DRHP. It was Rs 160.6 crore in fiscal 2023 and Rs 77 crore in fiscal 2022.

As part of its business, it provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects.

The company will use the funds for working capital requirements, general corporate expenses and unidentified inorganic acquisitions, according to the DRHP.

Of the funds raised, Rs 100 crore will go towards working capital requirements.

The IPO was subscribed 7.55 times on Thursday.

• Qualified institutional buyers: 1.24 times.

• Non-institutional investors: 9.03 times.

• Retail investors: 10.81 times.

The grey market premium of Garuda Construction and Engineering was nil as of 07:56 p.m. on Oct. 10, according to Chittorgarh's unit InvestorGain. The estimated listing price based on the GMP is Rs 95 per share. 

GMP is not an official price quote for the stock and is based on speculation. 

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.