Garuda Construction and Engineering’s IPO is a book-built issue worth ₹264.10 crores. The offering consists of a fresh issue of 1.83 crore shares amounting to ₹173.85 crores and an offer for sale of 0.95 crore shares, totaling ₹90.25 crores.
The IPO opens for subscription on October 8, 2024, and closes on October 10, 2024. Allotment is expected to be finalized on Friday, October 11, 2024, and the shares are likely to list on the BSE and NSE on Tuesday, October 15, 2024.
The price band for the IPO is set at ₹92 to ₹95 per share, with a minimum application size of 157 shares. Retail investors need to invest a minimum of ₹14,915. For sNII, the minimum investment is 14 lots (2,198 shares) at ₹208,810, and for bNII, it is 68 lots (10,676 shares) at ₹1,014,220.
Corpwis Advisors Private Limited is the lead manager for the IPO, with Link Intime India Private Ltd serving as the registrar.
Below are the details of Garuda Construction and Engineering Limited IPO Details, Timeline, Lot Size, Anchor Investor, and Promoter Holding.
Track All IPOs opening and closing today on our comprehensive list of IPO Watchlist 2024!
Garuda Construction and Engineering Limited Details
IPO Date | October 8, 2024 to October 10, 2024 |
Listing Date | [.] |
Face Value | ₹5 per share |
Price Band | ₹92 to ₹95 per share |
Lot Size | 157 Shares |
Total Issue Size | 27,800,000 shares (aggregating up to ₹264.10 Cr) |
Fresh Issue | 18,300,000 shares (aggregating up to ₹173.85 Cr) |
Offer for Sale | 9,500,000 shares of ₹5 (aggregating up to ₹90.25 Cr) |
Issue Type | Book Built Issue IPO |
Listing At | BSE, NSE |
Share holding pre issue | 74,741,742 |
Share holding post issue | 93,041,742 |
Garuda Construction and Engineering Limited Timeline
IPO Open Date | Tuesday, October 8, 2024 |
IPO Close Date | Thursday, October 10, 2024 |
Basis of Allotment | Friday, October 11, 2024 |
Initiation of Refunds | Monday, October 14, 2024 |
Credit of Shares to Demat | Monday, October 14, 2024 |
Listing Date | Tuesday, October 15, 2024 |
Cut-off time for UPI mandate confirmation | 5 PM on October 10, 2024 |
Garuda Construction and Engineering Limited Lot Size
Application | Lots | Shares | Amount |
---|---|---|---|
Retail (Min) | 1 | 157 | ₹14,915 |
Retail (Max) | 13 | 2041 | ₹193,895 |
S-HNI (Min) | 14 | 2,198 | ₹208,810 |
S-HNI (Max) | 67 | 10,519 | ₹999,305 |
B-HNI (Min) | 68 | 10,676 | ₹1,014,220 |
Garuda Construction and Engineering Limited Reservation
Investor Category | Shares Offered |
---|---|
QIB Shares Offered | Not more than 50.00% of the Net offer |
Retail Shares Offered | Not less than 35.00% of the Net Issue |
NII (HNI) Shares Offered | Not less than 15.00% of the Net Offer |
Garuda Construction and Engineering Limited Financial Information
Period Ended | 30 Apr 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 | ||||||||||||||||||||||||||||||||||||
Assets | 234.84 | 228.49 | 176.35 | 111.03 | ||||||||||||||||||||||||||||||||||||
Revenue | 11.88 | 154.47 | 161.02 | 77.03 | ||||||||||||||||||||||||||||||||||||
Profit After Tax | 3.5 | 36.44 | 40.8 | 18.78 | ||||||||||||||||||||||||||||||||||||
Net Worth | 122.51 | 119.01 | 82.61 | 41.79 | ||||||||||||||||||||||||||||||||||||
Reserves and Surplus | 85.16 | 81.65 | 70.13 | 29.34 | ||||||||||||||||||||||||||||||||||||
Total Borrowing | 0.15 | 0.15 | 0.19 | 11.99 | ||||||||||||||||||||||||||||||||||||
Amount in ₹ Crore |
Garuda Construction and Engineering Limited Review
Garuda Construction & Engineering Ltd. (GCEL) is a growing civil construction company specializing in end-to-end services for residential, commercial, infrastructure, and industrial projects. It also provides services like operations and maintenance (O&M) and mechanical, electrical, and plumbing (MEP) services.
GCEL has historically worked as an in-house contractor for its promoter group but is now expanding into third-party contracts. As of the filing date, the company has 12 ongoing projects worth ₹1,408.27 crores and employs 65 staff members.
GCEL is launching its first IPO, offering 2.78 crore shares at a price band of ₹92-₹95 per share, raising ₹264.10 crores. The issue opens on October 8, 2024, and closes on October 10, 2024. The funds will be used for working capital, corporate purposes, and potential acquisitions.
Financially, GCEL has shown fluctuating performance, with total revenues of ₹161.02 crores and a net profit of ₹40.80 crores in FY23. Concerns include high trade receivables and inconsistent earnings, leading to doubts about the stock’s pricing. The company has no declared dividend history and its IPO is seen as aggressively priced with high risks and low returns.