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)