Garuda Construction and Engineering IPO listing date has been scheduled for tomorrow (Tuesday, October 15). Garuda Construction IPO allotment was finalised on Friday, October 11. For those who have been allocated shares, the crediting of shares to demat accounts will occur today, Monday, October 14. The process of refunding those who have not yet received their shares will likewise be finished today.
The initial public offering of Garuda Construction and Engineering had a successful third bidding day, with strong participation from retail investors, non-institutional investors (NIIs), and qualified institutional buyers (QIBs). According to BSE data, the Garuda Construction and Engineering IPO subscription status was 7.55 times on the final bidding day. The retail investors’ portion was oversubscribed by 10.81 times, while the non-institutional investors’ quota received a subscription of 9.03 times. The part reserved for qualified institutional buyers (QIBs) was subscribed 1.24 times.
Garuda Construction IPO subscription status was 4.10 times on the second bidding day, and on the first day the issue was booked 1.91 times.
The company disclosed on Monday, October 7, that it had obtained ₹75 crore from anchor investors. The company established a price band of ₹92-95 per share for its ₹264-crore initial public offering, which started on October 8 and will conclude on October 10.
Half of the issue size has been allocated to QIBs, with 35% earmarked for retail investors, and the remaining 15% set aside for NIIs. Potential investors could bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter.
The company provides extensive civil construction services for residential, commercial, and infrastructure projects, encompassing workplaces, hotels, and additional services for commercial and infrastructural projects. Civil construction involves the construction of concrete and composite steel structures and the erection of buildings for use in commerce, industry, housing, and hospitality.
Let’s check what does Garuda Construction and Engineering IPO GMP today signal ahead of listing.
Garuda Construction IPO GMP today or grey market premium was ₹0, which meant shares were trading at their issue price of ₹95 with no premium or discount in the grey market according to investorgain.com.
According to grey market activities over the past 13 sessions, today’s IPO GMP is showing a downward trend. The GMP ranges from ₹0 to ₹22, as stated by experts on investorgain.com.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Garuda Construction IPO details
Garuda Construction and Engineering IPO consists of 1.83 crore new equity shares and an offer for sale (OFS) of 95 lakh equity shares by promoter PKH Ventures Ltd.
The funds raised from the fresh offering will be utilised to meet operational funding needs and for general business uses, including possible non-organic acquisitions.
Corpwis Advisors Private Ltd has been appointed as the exclusive book-running lead manager for the offering, with Link Intime India Private Ltd serving as the registrar.
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