Garuda Construction and Engineering Ltd announced on Monday that it has secured ₹75 crore from anchor investors, just a day before its initial public offering (IPO) opens for public subscription. Among the anchor investors are AG Dynamic Funds, Trust Mutual Fund, Maybank Securities Pte Ltd, North Star Opportunities Fund VCC, Resonance Opportunities Fund, Bridge India Fund, and Cognizant Capital Dynamic Opportunities Fund.
According to a circular on the BSE website, Garuda Construction allocated 78,95,138 equity shares at ₹95 each to these seven funds. The IPO, which will be priced between ₹92 and ₹95 per share, opens for public subscription on October 8 and will close on October 10.
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The IPO consists of a fresh issue of 1.83 crore equity shares and an offer for sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. At the upper end of the price range, the total IPO size is estimated at ₹264 crore.
The proceeds from the fresh issue, which amount to ₹100 crore, will be used for working capital needs and general corporate purposes, including potential acquisitions. Mumbai-based Garuda Construction is involved in civil construction for six residential projects, two commercial projects, one industrial project, and one infrastructure project, with an order book of ₹1,408.27 crore.
Financially, the company’s revenue from operations grew from ₹77.02 crore in FY22 to ₹154.18 crore in FY24, reflecting a Compound Annual Growth Rate (CAGR) of 26%. Its profit after tax increased from ₹18.78 crore in FY22 to ₹36.43 crore in FY24, with a CAGR of 25%.
Corpwis Advisors is the sole book-running lead manager for the IPO, while Link Intime India serves as the registrar for the issue.
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