Garuda Construction and Engineering Limited is gearing up for its upcoming initial public offering (IPO) and recently, the company has raised Rs 75 crores from anchor investors ahead of the public issue.
Details of the IPO
The public issue of the company will open for subscription on October 8, 2024, and will close on October 10, 2024.
Furthermore, the price band for the shares has been set between Rs 92 to Rs 95.
The IPO comprises a mix of fresh equity shares and an offer for sale, amounting up to 2,78,00,000 shares.
If successful at the upper price band, the company aims to raise approximately Rs 264.10 crores.
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Anchor Investors Step In
Prior to the public offering, Garuda Construction successfully allocated 78,95,138 equity shares to anchor investors at Rs 95 per share. The key and major participants in this allocation include AG Dynamic Funds Limited, Trust Mutual Fund – Trust MF Flexi Cap Fund, Maybank Securities Pte Limited, North Star Opportunities Fund VCC, Resonance Opportunities Fund, Bridge India Fund, and Cognizant Capital Dynamic Opportunities Fund.
Out of the total allocation, 10,52,685 shares were allocated to Trust Mutual Fund, accounting for approximately 13.33 per cent of the total anchor book size.
Allocation process
Investors interested in Garuda’s IPO can bid for a minimum of 157 equity shares, with additional shares available in multiples of 157. The allocation process includes:
Qualified Institutional Buyers (QIBs) - Up to 50 per cent of the offer.
Non-Institutional Bidders - At least 15 per cent of the offer.
Retail Individual Bidders - A minimum of 35 per cent of the offer.
About the company
The company operates in the segment of civil construction services and caters to various projects, including Residential and Commercial, Infrastructure Projects, Industrial Projects, and Hospitality Projects.
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