The initial public offering (IPO) of Garuda Construction and Engineering has received 7.55 times on the final day of the share sale on Thursday. The initial share sale received bids for 15,03,44,299 shares against 1,99,04,862 shares on offer, according to data available with the NSE. The category meant for Retail Individual Investors (RIIs) got subscribed 10.81 times while the quota for non-institutional investors received 9.03 times subscription. The portion for Qualified Institutional Buyers (QIBs) garnered 1.24 times subscription. Garuda Construction and Engineering on Monday said it has raised Rs 75 crore from anchor investors. It has fixed a price band of Rs 92-95 per share for its IPO. The IPO is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures. The IPO size has been pegged at Rs 264 crore at the upper end of the price band. Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes, including unidentified inorganic acquisitions. The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, having an order book of Rs 1,408.27 crore. On the financial front, the company's revenue from operations rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, registering a Compound Annual Growth Rate (CAGR) of 26 per cent. Profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, growing at a CAGR of 25 per cent. Corpwis Advisors is the sole book-running lead manager and Link Intime India is the registrar of the issue. The company's shares are proposed to be listed on the BSE and National Stock Exchange (NSE). Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
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