+
Garuda Construction and Engineering re-files DRHP for IPO
ECONOMY & POLICY

Garuda Construction and Engineering re-files DRHP for IPO

Mumbai-based Garuda Construction and Engineering Limited has resubmitted the Draft Red Herring Prospectus (DRHP) for its upcoming initial public offering (IPO). The company had initially filed its draft papers in February. The IPO will follow the book-building process, with up to 50% of the offer available for allocation to qualified institutional buyers (QIBs), at least 15% to non-institutional investors (NIIs), and 35% to retail individual bidders.

Garuda Construction and Engineering plans to issue shares with a face value of Rs 5, comprising a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by promoter PKH Ventures. The proceeds from the fresh issue, amounting to Rs 1 billion, will be utilised for funding working capital requirements, general corporate purposes, and potential inorganic acquisitions.

Established in 2010, Garuda Construction and Engineering ventured into the hospitality sector with the completion of the Golden Chariot Vasai Hotel & Spa in 2014. The company offers comprehensive civil construction services for residential, commercial, infrastructure, and industrial projects, along with additional services for infrastructure and hospitality ventures. Its capabilities include constructing concrete and composite steel structures, as well as providing O&M and MEP services and finishing works.

The company currently has an order book comprising 12 on-going projects, including residential, commercial, industrial, and infrastructure developments, with a total contract value of Rs 14.08 billion. Financially, Garuda Construction and Engineering witnessed a significant growth in revenue from operations, increasing by 108.63% in fiscal 2022?23 compared to the previous fiscal year, along with a corresponding rise in profit after tax (PAT).

The IPO is being managed by Corpwis Advisors Pvt Ltd. as the sole book-running lead manager, with Link Intime India Private Limited serving as the registrar. The equity shares are proposed to be listed on both the BSE and NSE stock exchanges. (Source: ET)

Mumbai-based Garuda Construction and Engineering Limited has resubmitted the Draft Red Herring Prospectus (DRHP) for its upcoming initial public offering (IPO). The company had initially filed its draft papers in February. The IPO will follow the book-building process, with up to 50% of the offer available for allocation to qualified institutional buyers (QIBs), at least 15% to non-institutional investors (NIIs), and 35% to retail individual bidders. Garuda Construction and Engineering plans to issue shares with a face value of Rs 5, comprising a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by promoter PKH Ventures. The proceeds from the fresh issue, amounting to Rs 1 billion, will be utilised for funding working capital requirements, general corporate purposes, and potential inorganic acquisitions. Established in 2010, Garuda Construction and Engineering ventured into the hospitality sector with the completion of the Golden Chariot Vasai Hotel & Spa in 2014. The company offers comprehensive civil construction services for residential, commercial, infrastructure, and industrial projects, along with additional services for infrastructure and hospitality ventures. Its capabilities include constructing concrete and composite steel structures, as well as providing O&M and MEP services and finishing works. The company currently has an order book comprising 12 on-going projects, including residential, commercial, industrial, and infrastructure developments, with a total contract value of Rs 14.08 billion. Financially, Garuda Construction and Engineering witnessed a significant growth in revenue from operations, increasing by 108.63% in fiscal 2022?23 compared to the previous fiscal year, along with a corresponding rise in profit after tax (PAT). The IPO is being managed by Corpwis Advisors Pvt Ltd. as the sole book-running lead manager, with Link Intime India Private Limited serving as the registrar. The equity shares are proposed to be listed on both the BSE and NSE stock exchanges. (Source: ET)

Next Story
Technology

Six ways a smarter workflow leads to faster, more accurate bids

In today’s fast-paced civil construction environment, estimators need more than just solid numbers. They need smart, streamlined processes. This article explores six key ways connected workflows can transform the estimated approach, help in minimising risk, move faster, and improve accuracy. By integrating tools, data, and teams, one can produce stronger bids with less rework, fewer surprises, and more confidence. As an estimator, the job goes beyond producing numbers. They are responsible for delivering bids that are fast, accurate, and built to win. In today’s civil construction ind..

Next Story
Real Estate

Experion Launches Women-Only Co-Living Project in Greater Noida

Experion, part of Singapore-based AT Capital Group, has launched its first co-living space under its managed rental housing brand, VLIV, in Greater Noida. The all-women residence features 730 twin-sharing beds with a strong focus on safety, comfort, and well-being. VLIV has committed a $300 million investment to create a structured, service-led rental housing ecosystem in India. The brand aims to scale up to 20,000 beds in the next few years, with a long-term target of 100,000 beds nationwide. “India’s rental housing is fragmented. VLIV is our way of building long-term, dependabl..

Next Story
Infrastructure Urban

Officine Maccaferri Acquires CPT to Bolster Tunnelling Tech

Ambienta’s platform company, Officine Maccaferri S.p.A., has acquired CPT Group, a leading Italian developer of robotic prefabrication systems and digital control technologies for mechanised tunnelling. The move positions Maccaferri as a global player in integrated tunnelling solutions, blending traditional and advanced mechanised systems. Based in Nova Milanese, CPT serves major global contractors across Europe, Southeast Asia, and Australia. The company offers robotic prefabrication (Robofactory), productivity-monitoring software for Tunnel Boring Machines (TBMs), and eco-designed spa..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?