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
Infrastructure Urban

India To Invest $37 Billion To Boost Petrochemical Capacity

India is set to become a major global player in the petrochemicals industry, driven by a planned capital expenditure of $37 billion (Rs 3.1 trillion) aimed at reducing import dependency and enhancing self-sufficiency, according to S&P Global Ratings.In its latest report titled “First China, Now India: Self-Sufficiency Goals Will Add To Petrochemicals Supply”, S&P said India’s large-scale capacity expansion—mirroring China’s earlier push—will likely intensify oversupply pressures in Asia’s petrochemical markets.Currently the world’s third-largest petrochemical consumer a..

Next Story
Infrastructure Transport

Indian Railways Expands Global Exports Of Rail Equipment

Indian Railways has announced that it is rapidly emerging as a global exporter of railway equipment, including bogies, coaches, locomotives, and propulsion systems, under the government’s ‘Make in India, Make for the World’ initiative.According to an official statement, India’s railway products are now reaching over 16 international markets, reflecting the country’s growing capacity to design, develop, and deliver world-class rail solutions.Metro coaches have been exported to Australia and Canada; bogies to the United Kingdom, Saudi Arabia, France, and Australia; propulsion systems t..

Next Story
Infrastructure Transport

RailTel Awards Rs 163 Million Contract To RTNS Technology

RailTel Corporation of India Limited (RailTel), a Mini Ratna Public Sector Undertaking, has awarded a domestic work order worth Rs 163 million to RTNS Technology Private Limited.The contract, issued on 30 September 2025, involves the supply and installation of equipment and related services for one of RailTel’s key customers. The project underscores RailTel’s commitment to advancing technology and communication infrastructure through collaboration with domestic system integrators.RTNS Technology Private Limited, an ISO-certified system integrator, provides comprehensive solutions for perim..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?