Shares of Garuda Construction and Engineering listed on the bourse amid buoyancy in the market. On the BSE, the stock debuted at a premium of over 8 per cent at Rs 103.2, while on the NSE it listed at Rs 105, a gain of 10.5 per cent over the IPO issue price of Rs 95 per share.
The Rs 264.1 crore IPO opened for public subscription on October 8, while the allotment for the same was finalised on October 12. The book-built issue comprised a mix of 1.83 crore shares aggregating to Rs 173.85 crores and offer for sale of 0.95 crore shares aggregating to Rs 90.25 crores.
The IPO drew reasonable subscription with total subscription at 7.55 times, led by the retail individual investor category that applied for 10.81 times the quota available for them.
Through the offer, the company aims to meet its working capital requirements, general corporate expenses and unidentified inorganic acquisitions and issue expenses.
Post the issue, the promoters holding in the company will be brought down to 67.56 per cent.
About the company
Garuda Construction and Engineering was incorporated on September 21, 2010. It is a growing civil construction company, providing end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure, and industrial projects and additional services for infrastructure and also hospitality projects, Civil construction includes the construction of residential, hospitality, and industrial, infrastructural, and commercial buildings, construction of concrete building structures and composite steel structures which are required for the civil construction.
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