Mr. Pravinkumar Agarwal, CMD of Garuda Construction And Engineering Limited in the centre alongwith the team and Corpwis Advisors Private Limited’s team at their IPO announcement.
MUMBAI, 3 OCTOBER, 2024 (GPN): Garuda Construction and Engineering Limited, a growing civil construction company provide end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and also hospitality projects, has fixed the price band of Rs. 92/- to Rs. 95/- per Equity Share of face value ₹5/- each for its maiden initial public offer.
The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Tuesday, October 08, 2024, for subscription and close on Thursday, October 10, 2024. Investors can bid for a minimum of 157 Equity Shares and in multiples of 157 Equity Shares thereafter.
The IPO is a mix of fresh issue of up to 1,83,00,000 equity shares and an offer of sale up to 95,00,000 equity shares.
The net proceeds (gross proceeds less issue expenses) from its fresh issuance to the extent of Rs. 100 crore will be utilised for working capital requirements; and balance towards general corporate purposes including unidentified inorganic acquisitions.
Half of the issue size has been reserved for qualified institutional buyers, 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Investors can bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter. Garuda Construction and Engineering is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, with an order book of Rs. 1,408.27 crore.
On the financial front, the company’s revenue from operations rose from Rs. 77.02 crore in fiscal 2022 to Rs. 154.18 crore in fiscal 2024, at a Compound Annual Growth Rate (CAGR) of 26 per cent and profit after tax increased from Rs. 18.78 crore in fiscal 2022 to Rs. 36.43 crore in fiscal 2024, at a CAGR of 25 per cent. Corpwis Advisors is the sole book-running lead manager and Link Intime India is the registrar of the issue.
Be the first to comment on "Garuda Construction and Engineering Ltd. Rs. 264 crore IPO Opens on 8 October, 2024 Price Band Set At Rs. 92-95 Per Share"