Garuda Construction IPO subscribed 7.55 times on final day

11 Oct 2024 CW Team

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)

Infrastructure Transport

07 Apr 2026

Large Format Store Planned At M G Road Metro Station

M G Road station in Bengaluru is set to host the city’s first large-format commercial and experience space, with planning led by Bangalore Metro Rail Corporation Limited. BMRCL has invited proposals to develop and operate a central business district destination at the Purple?Pink Line interchange. The plan positions the station as a commercial hub designed to serve a broad commuter base across the city. The proposal is part of a broader effort to activate transit nodes commercially. Tender documents set a minimum monthly rental of Rs 0.944 million (mn), inclusive of GST, for the large-format..

Government Cancels Auction Of Eleven Critical Mineral Blocks

The government has cancelled the auction of 11 critical and strategic mineral blocks after receiving a poor investor response and failing to attract a sufficient number of qualified bidders. The decision represents a setback to plans to ramp up domestic exploration and production of critical minerals amid global supply chain disruptions and rising demand for materials used in clean energy and advanced technologies. The mines ministry issued an annulment notice setting out the reasons for the cancellations. The annulment notice indicated that the auction process for five mineral blocks was canc..

Gujarat Pushes Biogas Growth With 193 Operational Units

Gujarat has operationalised 193 biogas plants across the state and is planning to add 60 more units as part of a broader push to scale up clean and sustainable energy solutions. The existing plants, established under various government-supported schemes, process organic waste including cattle dung and agricultural residue to produce biogas and a nutrient-rich slurry. The output is mainly used for cooking and other energy needs in rural and semi-urban communities, while also improving local waste management practices. The Gujarat Energy Development Agency (GEDA) is leading the initiative and is..