Garuda Construction and Engineering will launch its IPO on October 08. The company will raise a sum of Rs 264.10 crore from the initial capital market. The IPO will close on October 10.
Garuda Construction IPO Issue Size Details
The company will raise funds through a combination of fresh capital as well as an offer for sale. The IPO has a fresh shares’ sale component of 18.3 million shares raising Rs 173.85 crore while the OFS component is to raise Rs 90.25 crore by selling promoters’ 9.5 million shares.
Garuda Construction IPO Price Band, Allotment, and Listing
The company’s IPO price band ranges from Rs 92 to Rs 95 per equity share. The allotment of shares is expected to take place by October 11. The company’s listing on NSE and BSE will likely be on October 15, as per the tentative schedule.
Garuda Construction IPO GMP
The company’s shares were attracting a bit over 23% in the grey market. This indicates a premium listing of stocks in the secondary market. The grey market is an unofficial place to trade shares.
Minimum Investment Required
A retail buyer needs to invest a minimum of 157 shares or one lot which amounts to Rs 14,915. There are different lot sizes for small and big NIIs that start from Rs 2,00,000 onwards.
About Garuda Construction and Engineering
The company provides construction services for residential, commercial, infrastructure, and industrial projects. It also provides services for infrastructure and hospitality projects. Additionally, it provides services such as operation and maintenance (O&M) and mechanical, electrical and plumbing (MEP) services as well as finishing works as part of construction services.
Objectives of IPO
The company proposed to utilise the raised money for the working capital requirements, other general corporate expenses, and unidentified inorganic acquisitions.
BRLM and Registrar
Corpwis Advisors is the sole lead book runner of the IPO and Link Intime India is the registrar.