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Synopsis: The Garuda Construction and Engineering IPO opens for subscription on October 8, 2024, with a price band of Rs92-Rs95 per share, aiming to raise Rs264.10 crore. The funds will be used for working capital, inorganic acquisitions, and corporate expenses. Investors can bid for a minimum of 157 shares, with the offer closing on October 10, 2024. 50% of the offer is reserved for QIBs, 35% for retail investors, and 15% for NIIs. The shares will list on October 15, 2024, on both BSE and NSE.
Garuda Construction and Engineering is set to launch its initial public offering (IPO) on October 8, 2024, with a price band ranging between Rs92 and Rs95 per share. Investors can apply for a minimum of 157 shares in one lot, with the opportunity to bid until October 10, 2024. The IPO aims to raise Rs264.10 crore through a combination of fresh issue of 1.83 crore shares worth Rs173.85 crore and an offer-for-sale (OFS) of 95 lakh shares by the promoter PKH Ventures, valued at Rs90.25 crore.
Company Overview
Founded in 2010, Garuda Construction and Engineering offers a broad range of services, including residential, commercial, industrial, and infrastructure projects. The company also provides additional services like operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, and finishing works. As of September 28, 2024, the company’s order book stands at Rs1,408.27 crore.
IPO Utilization
The funds raised from the IPO will be primarily allocated towards:
Working capital requirements
Unidentified inorganic acquisitions
General corporate expenses
Financial Highlights
For the financial year ending March 31, 2024, Garuda Construction reported:
Net profit of Rs36.44 crore, a decrease from Rs40.8 crore in the previous year.
Revenue of Rs154.47 crore, a slight decline compared to Rs161.02 crore in FY23.
For the month of April 2024, the company posted a net profit of Rs3.5 crore and revenue of Rs11.88 crore.
IPO Allocation
The IPO allocation includes:
50% for Qualified Institutional Buyers (QIBs)
15% for Non-Institutional Investors (NIIs)
35% for Retail Investors
Key Dates and Listing
IPO opens: October 8, 2024
IPO closes: October 10, 2024
Share allotment: October 11, 2024
Listing date: Tentatively October 15, 2024 on both the BSE and NSE.
Lead Manager: Corpwis Advisors
Registrar: Link Intime India
