Garuda Construction and Engineering IPO will close on October 10. The IPO was subscribed 6.63 times more than the offered shares. The retail segment was booked 9.9 times while the NII category was booked 6.8 times. The qualitative institutional buyers subscribed to the issue 1.13 times. The IPO was fully subscribed on the first day itself, 1.96 times. On the first day, the retail buyers booked the issue 3.5 times.
Garuda Construction IPO GMP
The company’s shares were neither having a premium nor a discount in the grey market, indicating a lack of interest in the stock. The grey market is an unregulated market where shares change hands illegally ahead of listing. Investors keep an eye on GMP to track listing gains.
Garuda Construction and Engineering IPO Details
Garuda Construction and Engineering launched its IPO on October 08. The company raised a sum of Rs 264.10 crore through a combination of fresh shares as well as an offer for sale. The company didn’t raise funds through anchor placement. The raised proceeds will be used to fund working capital requirements, other general corporate expenses, and unidentified inorganic acquisitions.
Garuda Construction IPO Price Band, Allotment, and Listing
The company’s IPO price band ranges between Rs 92 to Rs 95 per equity share. The allotment of shares is expected to be finalised on October 11. The company’s listing on NSE and BSE will likely be on October 15. A retail buyer needs to bid for a minimum of one lot, containing 157 shares, which amounts to Rs 14,915. Corpwis Advisors is the sole lead book runner of the IPO and Link Intime India is the registrar.
About Garuda Construction and Engineering
The company’s primary focus is civil construction of residential and commercial buildings with a track record of successfully executing a diverse mix of construction projects i.e., residential, hospitality and commercial projects with visible growth through increasing order book and strong project management and execution capabilities to accomplish their projects on schedule while keeping high construction quality.
Expert’s Take on Garuda Construction and Engineering
“At the upper price band company is valuing at a P/E of 24.28x, with a market cap of Rs 883.9 crore post issue of equity shares and return on net worth of 36.14%. We believe that the IPO is fully priced and recommend a “Subscribe- Long term” rating to the IPO,” said Anand Rathi Research in an IPO note.