Garuda Construction and Engineering Shares Debut with 10% Premium Over IPO Price
The Garuda Construction and Engineering recorded a 7.55 times subscription over three days
Shares of Garuda Construction and Engineering were off to a decent start on its stock market debut on October 15 after listing at Rs 105, a premium of 10.5 percent from the issue price of Rs 95 per share on the BSE.
The listing gains, however, top grey market estimates where shares were trading without a premium. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
Follow our LIVE blog for all the latest market updates
The Rs 264-crore public issue of Garuda Construction and Engineering recorded a 7.55 times subscription on third and final day of bidding on October 10 with investors buying 15.03 crore equity shares against the offer size of 1.99 crore shares.
Retail and non-institutional investors remained at the leading position to boost the IPO subscription as their reserved portions were subscribed 10.81 times and 9.03 times, respectively. Qualified institutional buyers bid 1.24 times the allotted quota.
The company raised Rs 75 crore from institutional investors through its anchor book on October 7, ahead of its IPO launch. It aims to raise Rs 264.10 crore through the offering, priced between Rs 92 and Rs 95 per share. The IPO includes a fresh equity issuance of Rs 173.85 crore and an offer-for-sale of 95 lakh shares, valued at Rs 90.25 crore, by promoter PKH Ventures.
Garuda Construction and Engineering offers a wide range of construction services, covering residential, commercial, mixed-use, infrastructure, and industrial projects. In addition, it provides operation and maintenance (O&M), mechanical, electrical and plumbing (MEP) services, and finishing works. The company plans to use the funds raised to meet working capital requirements, general corporate expenses, and potential unidentified inorganic acquisitions.
NEW DELHI: The Supreme Court directed Vodafone India to deposit Rs 2,000 crore with the department of telecommunications, paving the Read more
The Initial Public Offer (IPO) of ICICI Prudential Life Insurance Company Ltd — a first by an insurance entity — Read more
The proposal is unlikely to be challenged because all other existing investors, including Jack Ma’s Alibaba and subsidiaries that own Read more
Policybazaar, an online insurance aggregator supported by SoftBank Group, has requested an initial public offering of up to Rs 6,018 Read more
