Garuda Construction IPO Allotment Status: How to Check, GMP, and Listing Date

Synopsis: Garuda Construction and Engineering’s IPO saw moderate investor interest, with overall subscription reaching 7.55 times. The IPO allotment will be finalized on October 11, 2024, and the shares are expected to be listed on October 15. Despite no significant grey market premium, analysts are cautiously optimistic about the long-term potential of the company’s stock due to its diversified business and strong order book.

Garuda Construction and Engineering, a Mumbai-based company, recently concluded its Initial Public Offering (IPO). Priced between Rs90 and Rs95 per share, the company offered a minimum lot size of 157 shares. The IPO was open for bidding from October 8 to October 10, 2024, raising approximately Rs264.1 crore, with Rs173.85 crore as fresh issue and an Offer-for-Sale (OFS) of up to 9.5 million equity shares.

The IPO received a moderate response, being subscribed 7.55 times overall. Retail investors were most active, subscribing to their portion 10.81 times. Non-Institutional Investors (NIIs) followed with a 9.03 times subscription, while Qualified Institutional Buyers (QIBs) only subscribed 1.24 times. Despite this, the grey market premium (GMP) of Garuda Construction's shares remains weak, indicating minimal expectations for a listing gain.

The allotment of shares is scheduled for October 11, 2024, with bidders likely receiving notifications regarding their funds or mandate status between October 11 and 14, 2024. Investors can check the allotment status on the Bombay Stock Exchange (BSE) and Link Intime India's website, which acts as the registrar for the IPO. The company's shares are expected to list on both the NSE and BSE on October 15, 2024.

How to Check Allotment Status:

BSE Website:

1. Visit the BSE website at BSE IPO Allotment.
2. Select "Equity" under "Issue Type".
3. Choose "Garuda Construction and Engineering" from the dropdown menu.
4. Enter your application number and PAN details, then click "Search".

Link Intime Portal:

1. Go to Link Intime India.
2. Select "Garuda Construction and Engineering" once the allotment is finalized.
3. Enter your PAN, application number, or demat account details to view your allotment status.
4. GMP and Listing Date: Currently, Garuda Construction's shares are commanding no significant premium in the grey market, signaling a flat listing outlook. The tentative date for the listing of shares is October 15, 2024, on the BSE and NSE.

Brokerage Insights: Analysts had a mixed view on the IPO, citing positive aspects like the company’s diversified portfolio, robust order book, and healthy return ratios. However, concerns such as its cyclical business nature, sluggish financials, and negative cash flow have tempered expectations for the IPO’s performance.

Disclaimer: This information is for educational purposes only and does not constitute investment advice. Investors should consult with a certified financial advisor before making any investment decisions.