The initial public offering (IPO) of Garuda Construction and Engineering opens for bidding on October 8, Tuesday. The company shall be offering its shares in the range of Rs 92-95 apiece, where investors can apply for a minimum of 157 equity shares and its multiples thereafter. The issue can be subscribed until Thursday, October 10.
Founded in 2010, Garuda Construction and Engineering provides comprehensive construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as additional services for infrastructure and hospitality projects.
The IPO of Garuda Construction and Engineering includes a fresh share sale of 1.83 crore equity shares worth Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh equity shares by its promoter PKH Ventures worth Rs 90.25 crore. The company is looking to raise Rs 264.10 crore via its primary stake sale.
The net proceeds from the issue shall be utilized towards funding working capital requirements, unidentified inorganic acquisitions and general corporate expenses. Anchor book for the issue shall open on Monday, October 7. It will command a total market capitalization of 884 crore.
Garuda Construction also 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. The order company had an order book of 1,408.27 crore as of September 28, 2024.
The company reported a net profit of Rs 3.5 crore with a revenue of Rs 11.88 crore for the month of April 30, 2024. The company reported a net profit of Rs net profit of Rs 36.44 crore with a revenue of Rs 154.47 crore for the financial year ended on March 31, 2024.
Garuda Construction and Engineering has reserved 50 per cent of the net offer for qualified institutional bidders (QIBs), while non-institutional investors (NIIs) have 15 per cent of the allocation. Retail investors will get the remaining 35 per cent of the net offer.
Corpwis Advisors is the sole book running lead manager of the Garuda Construction and Engineering IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE with October 15, Tuesday as the tentative date of listing.