Garuda Construction and Engineering plans to conduct its initial public offering (IPO) on Tuesday, October 8. The construction company would offer its shares at a price between Rs 92 and 95 per share, with investors able to apply for a minimum of 157 equity shares and subsequent multiples. The edition is available for subscription until Thursday, October 10.
Garuda Construction and Engineering, established in 2010, offers full construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as specialized services for infrastructure and hospitality projects.
Garuda Construction's Rs 264.10 crore IPO includes a fresh share sale of 1.83 crore shares for Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh shares by its promoter, PKH Ventures, worth Rs 90.25 crore. The net proceeds from the issuance will be used to cover working capital needs, unspecified inorganic acquisitions, and general corporate costs.
Garuda Construction collected Rs 75 crore from seven anchor investors ahead of its initial public offering, allocating 78,95,138 shares at Rs 95 a share. The anchor book featured names such as AG Dynamic Funds Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, Bridge India Fund, and Cognizant Capital Dynamic Opportunities Fund.
Garuda Construction and Engineering also offers operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP), and finishing works as part of its construction services. As of September 28, 2024, the order company's order book was at 1,408.27 crore.
The firm recorded a net profit of Rs 3.5 crore and sales of Rs 11.88 crore for the month of April 30, 2024. The firm declared a net profit of Rs 36.44 crore and sales of Rs 154.47 crore for the fiscal year ending March 31, 2024.
Garuda Construction and Engineering has reserved 50% of the net offer for qualified institutional bidders (QIBs), with non-institutional investors (NIIs) receiving 15% of the allocation. Retail investors will receive the remaining 35% of the net offer.
Corpwis Advisors is the only book-running lead manager for the Garuda Construction and Engineering IPO, while Link Intime India is the registrar. The company's shares will be listed on both the BSE and the NSE, with the preliminary listing date set for October 15, Tuesday.
