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The Garuda Construction and Engineering IPO is set to be listed tomorrow, Tuesday, October 15. The allotment of shares was finalized on Friday, October 11, and for those who received shares, they will be credited to their demat accounts today, Monday, October 14. Refunds for investors who didn’t get shares will also be processed today.
The IPO saw strong interest from retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs) during its bidding period. According to BSE data, the subscription status reached 7.55 times on the last day of bidding. Retail investors oversubscribed their portion by 10.81 times, while the NII quota was subscribed 9.03 times. The QIB segment was subscribed 1.24 times.
On the first and second days of bidding, the IPO was subscribed 1.91 times and 4.10 times, respectively. The company raised ₹75 crore from anchor investors before the IPO, which was priced between ₹92 and ₹95 per share, for a total offering of ₹264 crore.
The share allocation for the IPO includes 50% for QIBs, 35% for retail investors, and 15% for NIIs. Investors could bid for a minimum of 157 shares, and in multiples of that amount.
Garuda Construction specializes in civil construction services for residential, commercial, and infrastructure projects, including buildings for business, hospitality, and more.
Regarding the IPO’s grey market premium (GMP), today it stands at ₹0, indicating that shares are trading at their issue price of ₹95, with no premium or discount. The GMP has shown a downward trend, ranging from ₹0 to ₹22 over the past 13 sessions, suggesting that investors are willing to pay around the issue price.
The Garuda Construction and Engineering IPO includes 1.83 crore new equity shares, along with a sale of 95 lakh equity shares from promoter PKH Ventures Ltd. The funds raised will be used for operational needs and potential acquisitions.
Corpwis Advisors Private Ltd is the exclusive book-running lead manager for the IPO, while Link Intime India Private Ltd is the registrar.
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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