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Garuda Construction and Engineering IPO to Open for Subscription on 8th October; A Closer Look
Garuda Construction and Engineering Limited will conduct an Initial Public Offering (IPO) to obtain Rs. 264.10 crores. The IPO includes both fresh equity stakes and an offer for sale.
The IPO includes 1.83 crore fresh equity shares worth Rs 173.85 crores, as well as 0.95 crore offer for sale shares for Rs 90.25 crores. Totaling Rs 264.10 crores, at least 35% of the net issuance would go to retail investors, 15% to high-net-worth individuals (HNIs), and up to 50% to qualified institutional buyers (QIBs).
The issue will be available for subscription on October 8, 2024, and close on October 10, 2024.
The IPO price band is set at Rs.92-95 per share. Retail investors have a minimum lot size of 157 shares, however institutional investors have a larger minimum lot size. The profits of the IPO will be utilized to fund the company's expansion goals and other corporate reasons.
Garuda Construction and Engineering Limited is a Mumbai-based construction company established in 2010. As per latest reports, the company's financial performance declined in the fiscal year ending March 31, 2024, with revenue decreasing by 4% and profit after tax dropping by 11% compared to the previous year. The company is led by promoters Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited, and Makindian Township Private Limited.
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