It has set a price range of Rs 92-95 per share for its IPO. | Representative photo: Shutterstock
The initial public offering (IPO) of Garuda Construction and Engineering has received 7.55 times on the last day of share sale on Thursday.
The initial share sale saw bids for 15,03,44,299 shares against 1,99,04,862 shares on offer, according to data available with the NSE.
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The category meant for retail retail investors (RIIs) was subscribed 10.81 times, while the quota for non-institutional investors was subscribed 9.03 times.
The portion for Qualified Institutional Buyers (QIBs) generated 1.24 times as many subscriptions.
Garuda Construction and Engineering on Monday said it has raised Rs 75 crore from major investors.
It has set a price range of Rs 92-95 per share for its IPO.
The IPO is a mix of a fresh issue of 1.83 crore shares and an offer for sale (OFS) of 95 lakh shares by promoter PKH Ventures.
The size of the IPO has been pegged at Rs 264 crore at the top end of the price band.
The proceeds of the fresh issue of Rs 100 crore will be used for working capital requirements; and balancing toward general corporate purposes, including unidentified inorganic acquisitions.
Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, with an order book of Rs 1,408.27 crore.
On the financial front, operating revenues rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a compound annual growth rate (CAGR) of 26 percent. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, at a CAGR of 25 per cent.
Corpwis Advisors is the sole lead manager and Link Intime India is the registrar of the issue.
The company’s shares are proposed to be listed on the BSE and the National Stock Exchange (NSE).
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First publication: October 10, 2024 | 10:15 PM IST