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The offering received bids for 15.03 crore shares against 1.99 crore shares on offer.
The initial public offering (IPO) of Garuda Construction and Engineering received 15,03,44,299 shares offered against 1,99,04,862 shares on offer. The issue was subscribed 7.55 times.
The Individual Investors (RII) category was subscribed 10.81 times. The Non-Institutional Investors (NII) category was subscribed 9.03 times. The Qualified Institutional Buyers (QIB) category was subscribed 1.24 times.
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The issue was opened for bidding on October 8, 2024 and closed on October 10, 2024. The price band for the IPO was fixed between Rs 90 and 95 per share.
The public issue of up to 2,78,00,000 equity shares with a face value of 5 per share comprises a fresh issue of up to 1,83,00,000 equity shares and an offer for sale (OFS) of a maximum of 95,00,000 equity shares by PKH Ventures, its promoter.
Of the net proceeds of the new issue, Rs 100 crore will be used to fund long-term working capital requirements. The balance is intended for head office overheads and unidentified inorganic acquisitions.
Ahead of the IPO, Garuda Construction and Engineering on Monday, October 7, 2024, raised Rs 75 crore from key investors. The board of directors allotted 78.95 lakh shares at Rs 95 each to 7 anchor investors.
Garuda Construction and Engineering (GCEL) is a construction company offering end-to-end civil construction service for residential, commercial, residential and commercial, infrastructure and industrial projects and additional services for infrastructure projects and reception.
Its end-to-end civil construction begins with a detailed route survey, design, detailed engineering, resource mobilization, micro-planning of construction activities, obtaining construction permits and carrying out construction work. soil and water testing, hiring contractors/labor, procurement of materials, laboratory. testing, carrying out construction activities according to the approved plan and finally handing over the project are done according to the agreed conditions.
The company reported consolidated net profit of Rs 36.44 crore and sales of Rs 154.18 crore for the twelve months ended March 31, 2024.
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First publication: October 11, 2024 | 5:23 p.m. STI