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Garuda Construction IPO is a book build issue of ₹264.10 crores. The issue is a combination of fresh issue of 1.83 crore shares aggregating to ₹173.85 crores and offer for sale of 0.95 crore shares aggregating to ₹90.25 crores.
Garuda Construction IPO bidding started from Oct 8, 2024 and ended on Oct 10, 2024. The allotment for Garuda Construction IPO was finalized on Oct 11, 2024. The shares got listed on BSE, NSE on Oct 15, 2024.
Garuda Construction IPO price band is set at ₹95.00 per share . The lot size for an application is 157. The minimum amount of investment required by an retail is ₹14,130 (157 shares). The lot size investment for sNII is 14 lots (2,198 shares), amounting to ₹2,08,810, and for bNII, it is 68 lots (10,676 shares), amounting to ₹10,14,220.
Corpwis Advisors Pvt.Ltd. is the book running lead manager and MUFG Intime India Pvt.Ltd. is the registrar of the issue.
Refer to Garuda Construction IPO RHP for detailed Information.
| IPO Date | October 8, 2024 to October 10, 2024 |
| Listing Date | October 15, 2024 |
| Face Value | ₹5 per share |
| Issue Price Band | ₹90 to ₹95 per share |
| Issue Price Final | ₹95 per share |
| Lot Size | 157 Shares |
| Sale Type | Fresh Capital-cum-Offer for Sale |
| Total Issue Size | 2,78,00,000 shares (aggregating up to ₹264.10 Cr) |
| Fresh Issue | 1,83,00,000 shares (aggregating up to ₹173.85 Cr) |
| Offer for Sale | 95,00,000 shares of ₹5 (aggregating up to ₹90.25 Cr) |
| Issue Type | Bookbuilding IPO |
| Listing At | BSE, NSE |
| Share Holding Pre Issue | 7,47,41,742 shares |
| Share Holding Post Issue | 9,30,41,742 shares |
Garuda Construction and Engineering IPO offers total 2,78,00,000 shares. Out of which 1,39,00,000 (50.00%) allocated to QIB, 55,60,000 (20.00%) allocated to QIB, 41,70,000 (15.00%) allocated to NII, 97,30,000 (35.00%) allocated to RII and 83,40,000 (30.00%) allocated to Anchor investors.
| Investor Category | Shares Offered | Maximum Allottees |
|---|---|---|
| QIB Shares Offered | 1,39,00,000 (50.00%) | NA |
| − Anchor Investor Shares Offered | 83,40,000 (30.00%) | NA |
| − QIB (Ex. Anchor) Shares Offered | 55,60,000 (20.00%) | NA |
| NII (HNI) Shares Offered | 41,70,000 (15.00%) | NA |
| − bNII > ₹10L | 27,80,000 (10.00%) | 1,264 |
| − sNII < ₹10L | 13,90,000 (5.00%) | 632 |
| Retail Shares Offered | 97,30,000 (35.00%) | 61,974 |
| Total Shares Offered | 2,78,00,000 (100.00%) |
Garuda Construction IPO raises ₹79.23 crore from anchor investors. Garuda Construction IPO Anchor bid date is October 7, 2024. Garuda Construction IPO Anchor Investors list
| Bid Date | October 7, 2024 |
| Shares Offered | 83,40,000 |
| Anchor Portion Size (In Cr.) | 79.23 |
| Anchor lock-in period end date for 50% shares (30 Days) | November 10, 2024 |
| Anchor lock-in period end date for remaining shares (90 Days) | January 9, 2025 |
Garuda Construction IPO opens on October 8, 2024, and closes on October 10, 2024.
| IPO Open Date | Tue, Oct 8, 2024 |
| IPO Close Date | Thu, Oct 10, 2024 |
| Tentative Allotment | Fri, Oct 11, 2024 |
| Initiation of Refunds | Mon, Oct 14, 2024 |
| Credit of Shares to Demat | Mon, Oct 14, 2024 |
| Tentative Listing Date | Tue, Oct 15, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on Thu, Oct 10, 2024 |
Investors can bid for a minimum of 157 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Individual Investors (Retail) and HNI in terms of shares and amount.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (Min) | 1 | 157 | ₹14,915 |
| Retail (Max) | 13 | 2,041 | ₹1,93,895 |
| S-HNI (Min) | 14 | 2,198 | ₹2,08,810 |
| S-HNI (Max) | 67 | 10,519 | ₹9,99,305 |
| B-HNI (Min) | 68 | 10,676 | ₹10,14,220 |
Note : The value will be calculated using Equity Dilution = Share Holding Pre Issue - Share Holding Post Issue
Garuda Construction and Engineering Limited was founded in 2010 and is a construction company.
The company provides comprehensive construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as additional services for infrastructure and hospitality projects. The company also provides services such as operation and maintenance (O&M) and mechanical, electrical and plumbing (MEP) services as well as finishing works as part of construction services.
Strengths:
As of September 28, 2024, the company had 65 permanent employees.
Garuda Construction and Engineering Limited's revenue decreased by -4% and profit after tax (PAT) dropped by -11% between the financial year ending with March 31, 2024 and March 31, 2023.
| Period Ended | 30 Apr 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 234.84 | 228.49 | 176.35 | 111.03 |
| Total Income | 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 | ||||
The market capitalization of Garuda Construction IPO is ₹883.90 Cr.
KPI as of Sun, Mar 31, 2024.
| KPI | Values |
|---|---|
| ROE | 36.14% |
| ROCE | 46.69% |
| RoNW | 30.62% |
| PAT Margin | 23.63% |
| Price to Book Value | 5.97 |
| Pre IPO | Post IPO | |
|---|---|---|
| EPS Rs | 4.87 | 4.52 |
| P/E (x) | 19.49 | 21.03 |
The Company proposes to utilize the funds being raised to fund the following objectives:
[Dilip Davda] The company is engaged in civil, commercial and infra constructions and related services. It marked inconsistency in its financial performance for the reported periods with average financial data. Group company PKH Ventures came with its maiden IPO to mobilize Rs. 379 cr. in July 2023, withdrew it due to poor response under the pretext of bad market conditions. Its trade receivables are higher than its top lines reported so far. These are the major concerns. It has orders worth Rs. 1400+ cr. in hands as of the date of filing this offer document which is the only attraction. Based on FY25 annualized super earnings, the issue appears aggressively priced. There is no harm in skipping this “High Risk/Low Return” pricey bet. Read detail review...
| Listing Date | October 15, 2024 |
| BSE Script Code | 544271 |
| NSE Symbol | GARUDA |
| ISIN | INE0JVO01026 |
| Final Issue Price | ₹95 per share |
| NSE Listing Group | EQ (Rolling) |
| BSE Listing Group | B |
Garuda Construction & Engineering Ltd.
201, A Wing,
Fortune 2000 C -3 Block, Bandra Kurla Complex,
Bandra (East), Mumbai 400 051
Bandra, Maharashtra
Phone: +91 22 79635174
Email: compliance@garudaconstructionengineering.com
Website: https://garudaconstructionengineering.com/
MUFG Intime India Pvt.Ltd.
Phone: +91-22-4918 6270
Email: garudaconstructions.ipo@linkintime.co.in
Website: https://linkintime.co.in/Initial_Offer/public-issues.html
Garuda Construction IPO is a main-board IPO of 2,78,00,000 equity shares of the face value of ₹5 aggregating up to ₹264.10 Crores. The issue is priced at ₹95 per share. The minimum order quantity is 157.
The IPO opens on October 8, 2024, and closes on October 10, 2024.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
Zerodha customers can apply online in Garuda Construction IPO using UPI as a payment gateway. Zerodha customers can apply in Garuda Construction IPO by login into Zerodha Console (back office) and submitting an IPO application form.
Steps to apply in Garuda Construction IPO through Zerodha
Visit Zerodha IPO Application Process Review for more detail.
The Garuda Construction IPO opens on October 8, 2024 and closes on October 10, 2024.
Garuda Construction IPO lot size is 157, and the minimum amount required for application is ₹14,915.
You can apply in Garuda Construction IPO online using either UPI or ASBA as a payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO Application is offered by brokers who don't offer banking services. Read more detail about applying IPO online through Zerodha, Upstox, 5Paisa, Nuvama, HDFC Bank, and SBI Bank.
The finalization of Basis of Allotment for Garuda Construction IPO will be done on Friday, October 11, 2024, and the allotted shares will be credited to your demat account by Monday, October 14, 2024. Check the Garuda Construction IPO allotment status.
The Garuda Construction IPO listing date is on Tuesday, October 15, 2024.
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