+
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)

Related Stories

Gold Stories

Next Story
Products

Interio by Godrej launches modular workplace solutions

Interio by Godrej has launched Workscapes, a modular workplace solutions category designed to help organisations configure and adapt workspaces to changing requirements. The portfolio combines mobile and compatible furniture and support elements that can be rearranged across different work modes without changes to fixed layouts.Workscapes includes Collaboration Tables, Privacy Solutions, Mobile Markerboards and Space Dividers, Power Solutions, Storage and Support Elements, Meeting and Presentation Tools, and Seating Elements. The range is designed for focused work, collaboration, informal disc..

Next Story
Infrastructure Urban

CAFE-III Gives Auto Industry Investment Clarity

The government’s new Corporate Average Fuel Economy (CAFE-III) norms have provided the automobile industry with a clearer framework for technology investments, according to industry representatives. The framework seeks to balance environmental objectives with flexibility for manufacturers while encouraging the adoption of flex-fuel vehicles and biofuels. Society of Indian Automobile Manufacturers (SIAM) President Shenu Agarwal said the five-year framework would give automakers greater predictability to plan investments and accelerate innovation. He said the regulation established annual targ..

Next Story
Infrastructure Energy

Mines Ministry to Auction Two Offshore Mineral Blocks in Andaman Sea

The Ministry of Mines will launch an auction of two offshore mineral blocks in the Andaman Sea on Thursday, seeking to unlock India’s offshore mineral potential and strengthen long-term mineral resource security. The blocks will be offered under a composite licence, which permits exploration and development activities in accordance with the applicable regulatory framework. The ministry said the auction was intended to encourage systematic exploration, attract investment and promote the use of advanced technologies for offshore mineral exploration and development. The initiative is also aimed..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code