Civil construction company Garuda Construction and Engineering Limited is going to open its IPO for subscription next week on 8 October 2024. Interested investors can bid for it till 10 October 2024. The company intends to raise ₹ 264.10 crore through this issue.

Price band and grey market price
The company has fixed a price band of ₹92 - ₹95 per equity share for this. Investors can bid for a minimum of 157 equity shares in a lot and in multiples thereafter. However, even after the announcement of the price band, the grey market premium (GMP) for the company has remained zero. However, it is important to note that the GMP is only an indicator, which only gives investors an idea of ​​the estimated listing price. Structure of IPO The offering includes a fresh issue of 1.83 crore equity shares, valued at ₹173.85 crore. Apart from this, the issue also includes an offer for sale (OFS) of 95 lakh equity shares, valued at ₹90.25 crore. 50% of this IPO is reserved for qualified institutional buyers, 15% for non-institutional bidders and 35% for retail investors. Purpose of IPO Up to ₹100 crore of the net proceeds from the IPO will be used for working capital requirements and the remaining amount will be used for general corporate purposes including inorganic acquisitions. Allotment and Listing Allotment of shares of Garuda Construction and Engineering is expected to take place on October 11, 2024. The company's shares may be listed on BSE and NSE on October 15, 2024. Corpvis Advisors is the sole book-running lead manager for this IPO, while Link Intime India is the registrar. What does the company do Garuda Construction and Engineering is a civil construction company, which provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and hospitality projects. Apart from civil construction, it also offers operations and maintenance services (O&M) and mechanical, electrical and plumbing (MEP) services and finishing under its construction services. How is the finances? The company's revenue has increased from ₹77 crore in FY 2022 to ₹154 crore in FY 2024. Its profit has increased from ₹18.78 crore to ₹36 crore in the same period. For the month ended April 2024, the revenue was ₹11.87 crore and profit was ₹3.50 crore.