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The initial public offering of Garuda Construction and Engineering opens today at a price band of ₹92-95 a share. The ₹264-crore IPO consist of a fresh issue of 1.83 crore equity shares worth ₹173.85 crore and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The IPO closes on October 10.
- Also read: Garuda Construction and Engineering IPO: Opens on Oct 8; sets price band at ₹92-95 per share
As part of IPO, the company on Monday raised ₹75 crore from anchor investors, a day before its initial share-sale opening for public subscription. investors can bid for a minimum of 157 shares of Garuda Construction IPO and in multiples thereof. 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 are among the anchor investors. Garuda Construction has allocated 78,95,138 equity shares at Rs 95 apiece to seven funds.
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Proceeds from its fresh issuance to the extent of ₹100 crore will be utilised for working capital requirements; and balance towards general corporate purposes including unidentified inorganic acquisitions.
The Mumbai-based Garuda Construction is engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, with an order book of ₹1,408.27 crore.
The company’s revenue from operations rose from ₹77.02 crore in FY22 to ₹154.18 crore in FY24, at a Compound Annual Growth Rate (CAGR) of 26 per cent, and profit after tax increased from ₹18.78 crore in FY22 to ₹36.43 crore in FY24, at a CAGR of 25 per cent.
Corpwis Advisors is the sole book running lead manager and Link Intime India is the registrar of the issue.
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