Garuda Construction IPO allotment status: Check the application, GMP & listing date

Garuda Construction and Engineering is scheduled to finalize the basis of allotment of its shares on Friday, October 11. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate or over the weekend or latest by Monday, October 14. The Mumbai-based construction player saw a muted response from the investors.

The IPO of Garuda Construction and Engineering was open for bidding between October 08 and October 10. It had offered its shares in the fixed price band of Rs 90-95 per share with a lot size of 157 shares. The company raised a total of Rs 264.10 crore from its IPO, which included a fresh share sale of Rs 173.85 crore and offer-for-sale (OFS) of up to 95 lakh equity shares.

The issue was overall subscribed merely 7.55 times. The allocation for retail investors was booked 10.81 times. The quota for non-institutional investors(NIIs) was subscribed 9.03 times. The portions reserved for qualified institutional bidders (QIBs) investors saw bidding for only 1.24 times during the five-day bidding process.

Grey market premium (GMP) of Garuda Construction and Engineering  has seen a sharp correction following a muted response from investors. Last heard, the company was commanding no premium in the unofficial market, suggesting a negligible listing pop for the investors.

Garuda Construction and Engineering, founded in 2010, provides comprehensive construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as additional services for infrastructure and hospitality projects.

Brokerage firms, mostly had a positive view on the issue and suggested subscribing for a long term citing its diversification, strong order book, better return ratios. On the other hand, sluggish financial performance, cyclical nature of business and negative cash flows are the major concerns for the issue.

Corpwis Advisors is the sole book running lead manager of the Garuda Construction and Engineering IPO, while Link Intime India is appointed as 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.

Investors, who had bid for the issue of Garuda Construction and Engineering, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Garuda Construction and Engineering Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button
 

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.

1) Go to the web portal of Link Intime Limited

2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.