Garuda Construction and Engineering IPO
Garuda Construction and Engineering IPO Overview
IPO Size: Garuda Construction and Engineering IPO is a book-built issue worth ₹264.10 crores.
- Fresh Issue: 1.83 crore shares, aggregating to ₹173.85 crores.
- Offer for Sale: 0.95 crore shares, aggregating to ₹90.25 crores.
Subscription Period:
- Opens: October 8, 2024
- Closes: October 10, 2024
Allotment Date: The IPO allotment is expected to be finalized on Friday, October 11, 2024.
Listing Date: The shares will be listed on BSE and NSE, with a tentative listing date set for Tuesday, October 15, 2024.
Price Band: Set between ₹92 to ₹95 per share.
Lot Size & Investment:
- Minimum Lot Size: 157 shares
- Retail Investors: Minimum investment required is ₹14,915.
- sNII (Small Non-Institutional Investors): 14 lots (2,198 shares) requiring an investment of ₹208,810.
- bNII (Big Non-Institutional Investors): 68 lots (10,676 shares) requiring an investment of ₹1,014,220.
Lead Manager: Corpwis Advisors Private Limited is the book running lead manager for this IPO.
Registrar: Link Intime India Private Ltd is the official registrar for the issue.
Garuda Construction & Engineering IPO Information
| Event | Date/Details |
| IPO Date | October 8, 2024 to October 10, 2024 |
| Listing Date | To be announced |
| Face Value | ₹5 per share |
| Price Band | ₹92 to ₹95 per share |
| Lot Size | 157 shares |
| Total Issue Size | 27,800,000 shares (₹264.10 Cr) |
| Fresh Issue | 18,300,000 shares (₹173.85 Cr) |
| Offer for Sale | 9,500,000 shares (₹90.25 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Garuda Construction & Engineering IPO Key Dates
| Event | Date |
| IPO Opening Date | Tuesday, October 8, 2024 |
| IPO Closing Date | Thursday, October 10, 2024 |
| Basis of Allotment Finalization | Friday, October 11, 2024 |
| Initiation of Refunds | Monday, October 14, 2024 |
| Credit of Shares to Demat Accounts | Monday, October 14, 2024 |
| Listing Date | Tuesday, October 15, 2024 |
| UPI Mandate Confirmation Deadline | 5 PM, Thursday, October 10, 2024 |
| Pre-Issue Shareholding | 74,741,742 shares |
| Post-Issue Shareholding | 74,741,742 shares |
IPO Reservation for Garuda Construction and Engineering
| Investor Category | Shares Offered |
| Qualified Institutional Buyers (QIB) | Up to 50% of the Net Offer |
| Retail Investors | At least 35% of the Net Issue |
| Non-Institutional Investors (NII/HNI) | At least 15% of the Net Offer |
Promoter Holdings for Garuda Construction and Engineering IPO
| Share Holding Pre Issue | 96.81% |
| Share Holding Post Issue |
Lot Size for Garuda Construction and Engineering IPO
| Application Type | Lot Range | Shares | Total Amount |
| Retail (Minimum) | 1 Lot | 157 | ₹14,915 |
| Retail (Maximum) | 13 Lots | 2,041 | ₹193,895 |
| S-HNI (Minimum) | 14 Lots | 2,198 | ₹208,810 |
| S-HNI (Maximum) | 67 Lots | 10,519 | ₹999,305 |
| B-HNI (Minimum) | 68 Lots | 10,676 | ₹1,014,220 |
Garuda Construction and Engineering Limited
Founded in 2010, Garuda Construction and Engineering Limited is a company that provides a wide range of construction services.
The company offers services for various types of projects, including:
- Residential
- Commercial
- Mixed-use (Residential/Commercial)
- Infrastructure
- Industrial
They also provide specialized services such as:
- Operation & Maintenance (O&M)
- Mechanical, Electrical, and Plumbing (MEP)
- Finishing works
Strengths:
Focused Business Approach:
Garuda mainly specializes in building residential and commercial projects. Recently, they have expanded into industrial and infrastructure projects.
Garuda Construction & Engineering Limited - Financial Information
| Period Ended | 30 Apr 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 234.84 | 228.49 | 176.35 | 111.03 |
| Revenue | 11.88 | 154.47 | 161.02 | 77.03 |
| Profit After Tax | 3.50 | 36.44 | 40.80 | 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 |
| All amounts are in ₹ Crores |
Objectives of the Garuda Construction and Engineering IPO
The company plans to use the funds raised for the following purposes:
- Working Capital Needs
- General Corporate Expenses
- Potential Inorganic Acquisitions
Key Performance Indicators
| KPI | Values |
| Return on Equity (ROE) | 36.14% |
| Return on Capital Employed (ROCE) | 46.69% |
| Debt-to-Equity Ratio | 30.62% |
| Return on Net Worth (RoNW) | 5.97 |
| Profit After Tax (PAT) Margin | 23.63 |
Garuda Engineers Contact Details
| Contact Details |
| Address: 201, A Wing, Fortune 2000 C -3 Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 |
| Phone: +91 22 79635174 |
| Email: compliance@garudaconstructionengineering.com |
| Website: https://garudaconstructionengineering.com/ |
Read DRHP & RHP Document
Garuda Construction and Engineering IPO Overview
The Garuda Construction and Engineering IPO has been subscribed 4.12 times overall by October 9, 2024 (Day 2). The public issue saw a subscription of 6.76 times in the retail category, 0.91 times in the QIB category, and 2.59 times in the NII category.
Garuda Construction and Engineering IPO Subscription Status
| Investor Category | Subscription (times) | Shares Offered | Shares Bid For | Total Amount (Rs Cr.)* |
| Qualified Institutions | 0.91 | 6,004,862 | 5,464,542 | 51.91 |
| Non-Institutional Buyers | 2.59 | 4,170,000 | 10,794,849 | 102.55 |
| - bNII (bids above ₹10L) | 1.32 | 2,780,000 | 3,676,940 | 34.93 |
| - sNII (bids below ₹10L) | 5.12 | 1,390,000 | 7,117,909 | 67.62 |
| Retail Investors | 6.76 | 9,730,000 | 65,769,027 | 624.81 |
| Employees | [.] | |||
| Others | [.] | |||
| Total | 4.12 | 19,904,862 | 82,028,418 | 779.27 |
Total Applications Received: 496,546 (8.01x)
Disclaimer: *The total amount is calculated based on the final issue price or the price in the upper price range.
Garuda Construction and Engineering IPO: Day-wise Subscription Details
| Date | QIB | NII | Retail | Total |
| Day 1 October 8, 2024 | 0.02 | 1.11 | 3.52 | 1.96 |
| Day 2 October 9, 2024 | 0.91 | 2.59 | 6.76 | 4.12 |
Garuda Construction and Engineering IPO - Shares on Offer
Garuda Construction and Engineering IPO is a public issue of 27,800,000 equity shares. The issue offers 9,730,000 shares to retail investors, 6,004,862 shares to qualified institutional buyers, and 4,170,000 shares to non-institutional investors.
| Investor Category | Subscription (times) | Shares Offered | Shares Bid for | Total Amount (Rs Cr.)* |
| Qualified Institutions | 0.91 | 6,004,862 | 5,464,542 | 51.91 |
| Non-Institutional Buyers | 2.59 | 4,170,000 | 10,794,849 | 102.55 |
| - bNII (bids above ₹10L) | 1.32 | 2,780,000 | 3,676,940 | 34.93 |
| - sNII (bids below ₹10L) | 5.12 | 1,390,000 | 7,117,909 | 67.62 |
| Retail Investors | 6.76 | 9,730,000 | 65,769,027 | 624.81 |
| Employees | [.] | 0 | 0 | 0 |
| Others | [.] | 0 | 0 | 0 |
| Total | 4.12 | 19,904,862 | 82,028,418 | 779.27 |
IPO Investor Categories
1. Qualified Institutional Buyers (QIB)
Qualified Institutional Buyers (QIBs) include financial institutions, banks, Foreign Institutional Investors (FIIs), and mutual funds registered with SEBI. They usually represent small investors who invest through mutual funds, insurance company ULIP schemes, and pension plans.
2. Non-Institutional Investors (NII)
Non-Institutional Investors (NII) are retail individual investors, High Net Worth Individuals (HNIs), Non-Resident Indians (NRIs), companies, trusts, and others who bid for shares worth more than Rs 2 lakhs. Unlike QIBs, they do not need SEBI registration.
2.1 Small NII (sNII)
This subcategory includes NII investors who bid for shares between Rs 2 lakhs and Rs 10 lakhs. One-third of the NII category shares are reserved for the Small NII subcategory, also known as Small HNI (sHNI).
2.2 Big NII (bNII)
This subcategory is for NII investors who bid for shares worth more than Rs 10 lakhs. Two-thirds of the NII category shares are reserved for the Big NII subcategory, also known as Big HNI (bHNI).
3. Retail Individual Investors (RII)
Retail Individual Investors (RII) are individual investors or NRIs who apply for up to Rs 2 lakhs in an IPO.
4. Employee (EMP)
This category includes eligible employees who have a reserved quota in the IPO.
5. Others
This category includes eligible shareholders or other investors who have a reserved quota in the IPO.
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Frequently Asked Questions (FAQs) about the Garuda Construction and Engineering IPO
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