Garuda Construction and Engineering’s stock had a strong opening on the exchanges today. It went public on the NSE at 鈧�105, 9.5 per cent over its IPO price of 鈧�95. In the meantime, it floated at 鈧�103.20 on the BSE, up 8.63 per cent from the issue price.
The 鈧�264.10 crore initial public offering (IPO) was available for subscription between October 8, 2024, and October 10, 2024, with a price per share set between 鈧�90 and 鈧�95.
After three days of bidding, the IPO closed to tremendous demand, with the offer being subscribed 7.55 times overall. In contrast to the 1.99 crore shares on offer, bids for 15.03 crore were received for the IPO. There were 10.81 subscriptions in the retail investor group and 9.03 bookings in the NII category. There were 1.24 bids for the QIB quota.
国产吃瓜 the IPO
The 1.83 crore new shares, totalling 鈧�173.85 crore, and the 0.95 crore shares, totalling 鈧�90.25 crore, are offered for sale as part of the Garuda Construction and Engineering IPO. Retail investors may apply, with a minimum investment of 鈧�14,915 and a minimum lot size of 157 shares.
The money generated will go towards supporting any unidentified inorganic acquisitions, general corporate expenses, and the company’s working capital needs.
The registrar of the Garuda Construction and Engineering IPO is Link Intime India Private Ltd, and the book-running lead manager is Corpwis Advisors Private Limited.
国产吃瓜 the Company
In the construction business, Garuda Construction and Engineering Limited is a well-known player, having been founded in 2010. The organisation provides a broad range of construction services for infrastructural, commercial, residential, and industrial projects. As part of its construction solutions, it also offers extra services like finishing works, mechanical, electrical, and plumbing (MEP) services, and operation and maintenance (O&M). However, Garuda saw a 4% reduction in revenue and an 11% decline in profit after tax (PAT) between the fiscal years ending March 31, 2023, and March 31, 2024.
