Garuda Construction and Engineering IPO booked 50% within an hour of opening

Garuda Construction and Engineering IPO : Garuda Construction and Engineering's share sale via initial public offering ( IPO ) was booked partially within an hour of opening data from the stock exchanges showed. Garuda Construction and Engineering received bids for 1,00,11,419 shares as against 1,99,04,862 shares on offer.

Retail and non-institutional investors were seen participating in large numbers as the portion set aside for them was booked 84 per cent and 26 per cent respectively. Meanwhile, qualified institutional buyers (QIBs) which include large investors like banks, foreign institutional investors and financial institutions, were yet to participate in the IPO .

Garuda Construction and Engineering is planning to raise Rs 264 crore from the IPO which was a mix of fresh issue of 174 crore and an offer for sale worth Rs 90 crore. The company is selling shares in price band of Rs 92-95 per share and a retail investor can bid for minimum one lot of 157 shares up to maximum of 13 lots. One lot of Garuda Construction and Engineering shares in the IPO is priced at Rs 14,915 at the upper end of the price band.

Garuda Construction raised Rs 75 crore from anchor investors ahead of IPO .

The company has reserved 28 per cent shares in the IPO for anchor investors, 22 per cent for QIBs, 15 per cent for non-institutional investors and 35 per cent for retail investors.

The company will use proceeds from fresh issue for working capital requirements and for general corporate expenses and unidentified inorganic acquisitions.

Garuda Construction and Engineering Limited, established in 2010, is a versatile construction company offering a wide range of services. The company specialises in delivering comprehensive solutions for residential, commercial, mixed-use, infrastructure, and industrial projects. Additionally, Garuda provides expertise in infrastructure and hospitality projects, including operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, as well as finishing works as part of its construction services.