Garuda Construction and Engineering IPO Subscribed 1.91 Times on Day 1; Check Price Band, GMP, and Key Details
The initial public offering (IPO) of Garuda Construction and Engineering began on October 8, 2024, and saw strong interest on its first day. The IPO was subscribed 1.91 times, receiving bids for 3.80 crore shares, compared to the 1.99 crore shares on offer. The price range for the IPO is set between ₹90 and ₹95 per share.
The retail portion of the IPO was subscribed 3.43 times, while non-institutional investors subscribed 1.10 times. However, the portion reserved for qualified institutional buyers (QIBs) was only subscribed 0.02 times. The IPO will remain open until Thursday, October 10.
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Anchor Investor Participation
Before the IPO opened, Garuda Construction and Engineering raised ₹75 crore from anchor investors, including AG Dynamic Funds Trust, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, Bridge India Fund, and Cognizant Capital Dynamic Opportunities Fund.
Grey Market Premium (GMP)
The shares of Garuda Construction and Engineering are currently trading at a ₹5 premium in the grey market. This suggests that the listing price could be ₹100, about 5.26% higher than the IPO price of ₹95. Grey market premium (GMP) reflects how much investors are willing to pay above the issue price before the stock officially lists.
IPO Details
The IPO consists of a fresh issue of 18.3 million equity shares and an offer for sale of 9.5 million shares, aiming to raise up to ₹264.10 crore at the higher end of the price band. Investors can bid for a minimum of 157 shares and in multiples of 157 thereafter.
The IPO will follow a book-building process, with no more than 50% allocated to QIBs, at least 15% to non-institutional investors, and 35% reserved for retail investors. Corpwis Advisors Private Ltd is managing the IPO, while Link Intime India Private Ltd is the registrar.
The IPO closes on October 10.
Disclaimer: The views and investment tips expressed by investment experts on Sharepriceindia.com are their own and not those of the website or its management. Sharepriceindia.com advises users to check with certified experts before taking any investment decisions.
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