Garuda Construction and Engineering IPO Listing Tomorrow: Check latest GMP

The Garuda Construction and Engineering IPO is set to be listed tomorrow, Tuesday, October 15. The IPO allotment was finalized on Friday, October 11, and shares will be credited to the demat accounts of those who were allocated shares today, Monday, October 14. For those who did not receive shares, the refund process will also be completed today.

IPO Subscription Details

Garuda Construction’s IPO saw strong participation across all investor categories. According to BSE data, the IPO was oversubscribed 7.55 times by the close of the third bidding day. The retail investors’ portion was oversubscribed by 10.81 times, non-institutional investors (NIIs) subscribed 9.03 times, and the qualified institutional buyers (QIBs) portion was subscribed 1.24 times.

The IPO had a positive trend from day one, where it was subscribed 1.91 times, and by the second day, it had reached 4.10 times.

Key Financials and Offering

Garuda Construction and Engineering raised Rs.75 crore from anchor investors before its IPO launch on October 8. The IPO was priced between Rs.92-95 per share and aimed to raise Rs.264 crore. The offering included a mix of fresh equity shares and an offer for sale (OFS) by the promoter, PKH Ventures Ltd.

The allocation breakdown of the issue was as follows:

• 50% for QIBs
• 35% for retail investors
• 15% for NIIs

Investors could bid for a minimum of 157 shares, and in multiples of 157 after that.

Company Profile and IPO Use of Funds

Garuda Construction and Engineering provides civil construction services for residential, commercial, and infrastructure projects, including office buildings, hotels, and other infrastructural ventures. The company specializes in building concrete and steel structures for various industries, including hospitality and commerce.

The funds raised through the fresh equity shares will be used to cover operational expenses and for general corporate purposes, potentially including non-organic acquisitions.

Grey Market Premium (GMP) Trends

As of today, Garuda Construction IPO’s grey market premium (GMP) is Rs.0, meaning that shares are trading at their issue price of Rs.95 with no premium or discount. Over the past 13 sessions, the GMP has fluctuated between Rs.0 and Rs.22, indicating a downward trend.

The grey market premium reflects investor sentiment and their willingness to pay more than the issue price before the shares are officially listed.

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Lead Managers and Registrar

Corpwis Advisors Private Ltd is the lead book-running manager for the IPO, and Link Intime India Private Ltd is the appointed registrar.