Garuda Construction and Engineering Limited IPO Details 2024!

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.

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Garuda Construction and Engineering Limited Details

IPO DateOctober 8, 2024 to October 10, 2024
Listing Date[.]
Face Value₹5 per share
Price Band₹92 to ₹95 per share
Lot Size157 Shares
Total Issue Size27,800,000 shares
(aggregating up to ₹264.10 Cr)
Fresh Issue18,300,000 shares
(aggregating up to ₹173.85 Cr)
Offer for Sale9,500,000 shares of ₹5
(aggregating up to ₹90.25 Cr)
Issue TypeBook Built Issue IPO
Listing AtBSE, NSE
Share holding pre issue74,741,742
Share holding post issue93,041,742

Garuda Construction and Engineering Limited Timeline

IPO Open DateTuesday, October 8, 2024
IPO Close DateThursday, October 10, 2024
Basis of AllotmentFriday, October 11, 2024
Initiation of RefundsMonday, October 14, 2024
Credit of Shares to DematMonday, October 14, 2024
Listing DateTuesday, October 15, 2024
Cut-off time for UPI mandate confirmation5 PM on October 10, 2024

Garuda Construction and Engineering Limited Lot Size

ApplicationLotsSharesAmount
Retail (Min)1157₹14,915
Retail (Max)132041₹193,895
S-HNI (Min)142,198₹208,810
S-HNI (Max)6710,519₹999,305
B-HNI (Min)6810,676₹1,014,220

Garuda Construction and Engineering Limited Reservation

Investor CategoryShares Offered
QIB Shares OfferedNot more than 50.00% of the Net offer
Retail Shares OfferedNot less than 35.00% of the Net Issue
NII (HNI) Shares OfferedNot less than 15.00% of the Net Offer

Garuda Construction and Engineering Limited Financial Information

Period Ended30 Apr 202431 Mar 202431 Mar 202331 Mar 2022
Assets234.84228.49176.35111.03
Revenue11.88154.47161.0277.03
Profit After Tax3.536.4440.818.78
Net Worth122.51119.0182.6141.79
Reserves and Surplus85.1681.6570.1329.34
Total Borrowing0.150.150.1911.99
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.

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