Garuda Construction & Engineering Ltd’s IPO Launches on October 08 with Price Band of ₹92-₹95 per Share

 

Mumbai: “Garuda Construction and Engineering Limited”, a growing civil construction company, has announced the price band for its Initial Public Offering (IPO) at ₹92/- to ₹95/- per Equity Share, with a face value of ₹5/- each. The IPO will be open for subscription from Tuesday, October 08, 2024, to Thursday, October 10, 2024. Investors can place bids for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter. The floor price is 18.40 times the face value of the equity share, and the cap price is 19.00 times the face value.

IPO:
Issue Size: The IPO consists of a fresh issue of up to 1,83,00,000 equity shares and an offer for sale of up to 95,00,000 equity shares.

Utilization of Net Proceeds: Out of the fresh issuance, ₹100 crore will be utilized for working capital requirements, and the remaining amount will be allocated toward general corporate purposes, including potential inorganic acquisitions.

‘Garuda Construction and Engineering’ offers end-to-end civil construction services for residential, commercial, industrial, infrastructure, and hospitality projects. The company’s services span from detailed project surveys and designing to resource mobilization, micro-scheduling, and final handover.

Besides civil construction, the company also provides Operations and Maintenance (O&M) services and Mechanical, Electrical, and Plumbing (MEP) services.

The company is currently engaged in the construction of six residential, two commercial, one industrial, and one infrastructure project, with an order book of ₹1,408.27 crore.

Revenue from operations increased from ₹77.02 crore in FY 2022 to ₹154.18 crore in FY 2024, reflecting a CAGR of 26.03%.

Profit after tax rose from ₹18.78 crore in FY 2022 to ₹36.43 crore in FY 2024, growing at a CAGR of 24.72%.

For the month ending April 2024, revenue was ₹11.87 crore, and profit after tax was ₹3.50 crore.

Allocation:

• 50% of the offer will be allocated to Qualified Institutional Buyers (QIBs).
• 15% of the offer will be reserved for Non-Institutional Bidders (NIIs).
• 35% will be allocated to Retail Individual Bidders.

Corpwis Advisors Private Limited is the sole book-running lead manager, and Link Intime India Private Limited will act as the registrar for the issue.