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 "IPO")
The company has set a price band of Rs 92-95 per share. | Photo: Shutterstock
The initial public offering of Garuda Construction and Engineering was subscribed 4.10 times on Wednesday during the second day of sale of the shares.
The initial share sale received bids for 8,16,77,366 shares against 1,99,04,862 shares on offer, according to data available with the NSE.
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The portion intended for individual investors (RII) was subscribed 6.73 times while the quota intended for non-institutional investors received 2.58 times the subscription.
The Qualified Institutional Buyer (QIB) category garnered 91 percent support.
Garuda Construction and Engineering on Monday said it has raised Rs 75 crore from key investors.
The company has set a price band of Rs 92-95 per share for its Rs 264 crore IPO.
The initial sale of shares will end on Thursday.
The IPO is a mix of a fresh issue of 1.83 crore shares and an offer for sale (OFS) of 95 lakh shares by promoter PKH Ventures.
The size of the IPO has been pegged at Rs 264 crore at the upper end of the price band.
The proceeds from its new issue to the tune of Rs 100 crore will be used for working capital requirements; and balance toward overall corporate objectives, including unidentified inorganic acquisitions.
Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure project, with an order book of Rs 1,408.27 crore.
Financially, the company’s operating revenue increased from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a compound annual growth rate ( CAGR) of 26 percent. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, growing at a CAGR of 25 per cent.
Corpwis Advisors is the sole lead book manager and Link Intime India is the issue registrar.
The shares of the company are proposed to be listed on the BSE and the National Stock Exchange (NSE).
(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First publication: October 9, 2024 | 7:48 p.m. STI