+
Garuda Construction IPO subscribed 7.55 times on final day
Real Estate

Garuda Construction IPO subscribed 7.55 times on final day

The initial public offering (IPO) of Garuda Construction and Engineering received a strong response, with 7.55 times subscription by the close of the final day. The IPO attracted bids for 150.3 million shares, far exceeding the 19.9 million shares available, according to NSE data.

Retail Individual Investors (RIIs) oversubscribed their portion by 10.81 times, while non-institutional investors subscribed 9.03 times. The Qualified Institutional Buyers (QIBs) portion saw 1.24 times subscription.

Earlier, Garuda Construction raised Rs 750 million from anchor investors. The IPO, priced between Rs 92-95 per share, consists of a fresh issue of 18.3 million equity shares and an offer for sale (OFS) of 95 lakh shares by promoter PKH Ventures, totaling Rs 2.64 billion at the upper price band.

Proceeds from the fresh issuance, amounting to Rs 1 billion, will be used for working capital, while the remainder will go toward general corporate purposes, including potential acquisitions.

Garuda Construction, based in Mumbai, is involved in civil construction across residential, commercial, industrial, and infrastructure projects, with an order book of Rs 14.08 billion. The company's revenue grew from Rs 7.7 billion in FY22 to Rs 1.54 billion in FY24, with profit after tax doubling from Rs 187.8 million to Rs 364.3 million during the same period.

The shares will be listed on both the BSE and NSE, with Corpwis Advisors as the lead manager and Link Intime India as the registrar. 

(ET)

The initial public offering (IPO) of Garuda Construction and Engineering received a strong response, with 7.55 times subscription by the close of the final day. The IPO attracted bids for 150.3 million shares, far exceeding the 19.9 million shares available, according to NSE data.Retail Individual Investors (RIIs) oversubscribed their portion by 10.81 times, while non-institutional investors subscribed 9.03 times. The Qualified Institutional Buyers (QIBs) portion saw 1.24 times subscription.Earlier, Garuda Construction raised Rs 750 million from anchor investors. The IPO, priced between Rs 92-95 per share, consists of a fresh issue of 18.3 million equity shares and an offer for sale (OFS) of 95 lakh shares by promoter PKH Ventures, totaling Rs 2.64 billion at the upper price band.Proceeds from the fresh issuance, amounting to Rs 1 billion, will be used for working capital, while the remainder will go toward general corporate purposes, including potential acquisitions.Garuda Construction, based in Mumbai, is involved in civil construction across residential, commercial, industrial, and infrastructure projects, with an order book of Rs 14.08 billion. The company's revenue grew from Rs 7.7 billion in FY22 to Rs 1.54 billion in FY24, with profit after tax doubling from Rs 187.8 million to Rs 364.3 million during the same period.The shares will be listed on both the BSE and NSE, with Corpwis Advisors as the lead manager and Link Intime India as the registrar. (ET)

Next Story
Real Estate

Heena Lalwani Buys Rs 1.13 Billion Juhu Apartment

Heena Lalwani, promoter of Aatman Innovations Private Limited, has purchased a luxury apartment worth Rs 1.13 billion in Mumbai’s upscale Juhu locality, according to property registration documents accessed by Zapkey.com.The 9,862 sq ft apartment, located on the 10th floor of Lodha Developers’ Avalon Tower, was acquired at Rs 115,000 per sq ft and comes with five car parking spaces. The deal, registered on 18 August 2025, also included the payment of Rs 68 million in stamp duty and a Rs 30,000 registration fee.Lodha Developers did not respond to queries regarding the transaction, while the..

Next Story
Real Estate

Godrej Buys KPHB Land for Rs 7 Billion in E-Auction

An acre of prime land in Kukatpally Housing Board (KPHB), Hyderabad, was auctioned for Rs 7 billion, with the Telangana Housing Board generating Rs 5.47 billion from the sale of 7.8 acres through e-auction on 20 August 2025.The auction notification was issued last month, attracting bids from Godrej Properties, Aurobindo Realty, Prestige Estates, and Ashoka Builders, according to Board vice-chairman V.P. Gautham. With an offset price of Rs 4 billion per acre, the three-hour auction saw 46 bid increases, before Godrej Properties acquired the land.Revenue generated from the auction will be utilis..

Next Story
Real Estate

HMDA to Auction 93 Prime Plots in September

The Hyderabad Metropolitan Development Authority (HMDA) is preparing to conduct a three-day auction of prime open plots across Hyderabad, Rangareddy, and Medchal-Malkajgiri districts this September.According to official reports, the e-auction will take place on 17, 18, and 19 September, offering 93 plots. Of these, 70 are located in the Bachupally HMDA layout, with the remainder spread across Turkayamjal, Kokapet, Poppalguda, Chandanagar, Bairagiguda, Gandi Maisamma, Suraram, Medipally, and Bachupally village.The highest upset price has been fixed at Rs 175,000 per square yard for a land parce..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?