The subscription period for the Garuda Construction and Engineering IPO (Garuda Construction and Engineering Limited IPO) is set to begin on Tuesday, October 8. The construction company wants to use its initial public offering (IPO) to raise Rs 264.1 crore.
IPO size and structure
The IPO for Garuda Construction is a book-building offer that consists of an offer-for-sale (OFS) of 95 lakh shares, valued at Rs 90.25 crore, and a fresh issue of 1.83 crore shares, valued at Rs 173.85 crore.
50 per cent of the net offer has been set aside for qualified institutional buyers by Garuda Construction and Engineering.
Retail investors will have up to 35 per cent of the net issue all to themselves, with the remaining 15 per cent going to non-institutional investors (NIIs).
Price band and minimum bid
The price range for the Garuda Construction and Engineering initial public offering is Rs 92 to Rs 95 per share. If individual investors would like to apply for the mainboard issue, they must bid a minimum of 157 shares in a single lot, totalling Rs 14,915.
Conversely, small non-institutional investors (sNII) require an investment of Rs 2,08,810, comprising of 14 lots, totalling 2,198 shares, as the minimum lot size. Big Non-Institutional Investors (bNIIs) are limited to 68 lots, comprising of 10,676 shares, totalling Rs 10,14,220 in investment.
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Subscription and listing timetable
Subscriptions for the mainboard issue will be accepted from Tuesday, October 8, through Thursday, October 10. On Friday, October 11, the share allotment status of the mainboard issue is probably going to be finalised.
Refunds for unsuccessful bidders will begin on Monday, October 14, following the completion of the IPO share allotment. Successful bidders will receive shares of Garuda Construction and Engineering in their demat accounts on the same day.
The NSE and BSE will list shares of Garuda Construction and Engineering. October 15 is the tentative date of the IPO's listing.
Promoters of company
PKH Ventures Limited, Makindian Township Private Limited, and Pravinkumar Brijendra Kumar Agarwal are the company's promoters. Prior to the public offering, the company's promoters together controlled over 96.81 per cent of the business.
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Company's financials
Revenue for Garuda Construction and Engineering decreased by more than 4 per cent from Rs 161.02 crore in FY23 to Rs 154.47 crore in FY24. From Rs 40.8 crore in FY23 to Rs 36.44 crore in FY24, the company's profit-after-tax dropped by more than 10 per cent.
The net worth of Garuda Construction and Engineering surged by more than 44 per cent to Rs 119.01 crore from Rs 82.61 crore in the previous fiscal year.