Garuda Construction and Engineering IPO: The mainboard initial public offering (IPO) of construction major Garuda Construction and Engineering Limited closed with a decent demand from investors during the three-day subscription period. Garuda Construction and Engineering IPO’s allotment has been finalised, and investors are now awaiting the announcement of the listing date.
The bidding period for the IPO was between October 8, 2024 and October 10, 2024. The allotment for the Garuda Construction and Engineering IPO was finalised on October 11. Shares of Garuda Construction and Engineering will debut on stock exchanges BSE, NSE on Tuesday, October 15, 2024. Ahead of the listing, investors are advised to remain vigilant about the grey market premium (GMP) for Garuda Construction and Engineering IPO.
Garuda Construction and Engineering IPO GMP
Garuda Construction and Engineering shares show a muted trend in the unlisted market. According to stock market observers, Garuda Construction and Engineering IPO GMP today, or grey market premium, has dropped to Re 0 per share. Analysts believe that the tepid Garuda Construction and Engineering IPO GMP is likely due to bullish momentum in the secondary market as the frontline indices, Sensex and Nifty 50, hit record highs.
Garuda Construction and Engineering IPO Listing Price
The Garuda Construction and Engineering IPO GMP indicates that the company’s equity shares are trading higher flat at Re 0 in the grey market compared to their issue price, according to investorgain.com.
Considering the Garuda Construction and Engineering IPO GMP today and the issue price, the estimated Garuda Construction and Engineering IPO listing price is ₹95 per share, similar to its IPO price of ₹95 per share.
This means the Garuda Construction and Engineering IPO grey market premium signals a less-than-bullish return for the IPO investors. The lowest GMP is Re 0, while the highest is ₹22. The grey market premium indicates investors’ readiness to pay more than the issue price.
Garuda Construction and Engineering IPO Details
Garuda Construction allotment date was October 11 and the IPO listing date is October 15. Garuda Construction and Engineering IPO price band was set at ₹90 to ₹95 per share. The company raised ₹264.10 crore from the issue, which was a combination of a fresh issue of 1.83 crore equity shares amounting to ₹173.85 crore and an offer-for-sale (OFS) component of 95 lakh shares worth ₹90.25 crore.
The public issue was subscribed 7.55 times in total. It was booked 10.81 times in Retail Individual Investors (RIIs) category and 1.24 times in Qualified Institutional Buyers (QIBs) category. The non-institutional Investors (NII) portion was subscribed 9.03 times, as per NSE data. Corpwis Advisors Private Limited is the book-running lead manager of the Garuda Construction and Engineering IPO, while Link Intime India Private Ltd is the IPO registrar.