The Garuda Construction and Engineering IPO is a book-built issue worth Rs 264.10 crores. It comprises a fresh issue of 1.83 crore shares totaling Rs 173.85 crores and an offer for sale of 0.95 crore shares totaling Rs 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, with the IPO listing on the BSE and NSE on Tuesday, October 15, 2024 (tentative date).
The price band for the IPO is set between ₹92 and ₹95 per share. The minimum lot size for retail investors is 157 shares, requiring an investment of ₹14,915. For sNII, the minimum lot size is 14 lots (2,198 shares) totaling ₹208,810, while for bNII, it is 68 lots (10,676 shares) totaling ₹1,014,220.
Corpwis Advisors Private Limited is the book-running lead manager, and Link Intime India Private Ltd is the registrar for the IPO.
Below are the details of Garuda Construction & Engineering 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 & Engineering IPO 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 & Engineering IPO 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 & Engineering IPO 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 & Engineering IPO 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 & Engineering IPO 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 & Engineering IPO Review
Garuda Construction and Engineering Limited, established in 2010, is a construction company offering a broad range of services for residential, commercial, infrastructure, industrial, and hospitality projects. It also provides operation and maintenance (O&M), mechanical, electrical, plumbing (MEP) services, and finishing works.
Strengths:
- Exclusive and focused approach: The company specializes in residential and commercial construction and has recently expanded into industrial and infrastructure projects.
- Proven track record: With notable projects like Golden Chariot Vasai Hotel & Spa and Golden Chariot Boutique Hotel in 2015, the company has completed multiple residential projects in the MMR region since 2017. From 2010 to 2017, it focused on civil engineering in MMR, Karnataka, and Tamil Nadu.
- Strong project management and execution capabilities.
- Robust financial performance: The company reported a revenue of Rs. 1,187.50 lakhs for the period ending April 30, 2024, Rs. 15,417.83 lakhs in FY 2024, and Rs. 16,068.76 lakhs in FY 2023.
- Visible growth through a rising order book: As of September 28, 2024, the company’s ongoing and pending projects totaled Rs. 1,40,827.44 lakhs. Its projects span across MMR, Arunachal Pradesh, Karnataka, Rajasthan, and Punjab, contributing to its growth and reputation.
- Experienced leadership and management team.
As of September 28, 2024, the company employed 65 permanent staff.