Garuda Construction and Engineering Limited IPO Opens On October 08. Check IPO Details Issue Date Price

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Garuda Construction and Engineering Limited IPO Opens On October 08. Check IPO Details Issue Date Price

October 07, 2024
Garuda Construction and Engineering Limited IPO Opens On October 08. Check IPO Details Issue Date Price

Garuda Construction and Engineering Limited is coming out with an initial public offer to raise Rs. 264.10 crores from the market.

Below are the details of the Garuda Construction and Engineering Limited IPO:

  • Issue opens – October 08 (Tuesday)
  • Issue closes – October 10 (Thursday)
  • Issue size – Rs. 264.10 crores
  • Price band – Rs. 92 - 95 per equity share
  • Bid lot – 157 shares and in multiples thereof.

And here are some details of the company and further details on the IPO.

Company Details:

  • Garuda Construction and Engineering Limited provide end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and also hospitality projects, Wherein, civil construction includes construction of residential, hospitality, industrial, infrastructural and commercial buildings, construction of concrete building structures and composite steel structures which are required for the civil construction. Their end-to-end civil construction starts with detailed route survey, designing, detailed  engineering, mobilization of resources, micro scheduling of construction activities, obtaining construction permissions and conducting soil/water testing, hiring of contractor / manpower, procurement of material, lab testing, carrying out construction activities as per approved plan and finally handing over the project are per the agreed terms Further, They are also involved in sector pertaining to civil construction cum services. The construction of concrete building structures and composite steel structures are procured by them from underlying sub-contractors as per specified designs which may be mandated by overlying developers or by their own engineering teams.
  • They also provide services such as operations and maintenance services (“O&M”) and Mechanical, Electrical and Plumbing (“MEP”) services and finishing works as a part of their construction services. Hence, all-in-all they offer complete construction services under their banner. Historically they have been majorly been an in-house construction company for their Promoter Group and group related entities, where in our group entities and corporate Promoters bid for third party civil contracts as developers (private sector as well as where Government entities have a requirement where the bidding is as per publicly available tender documents and the Governments tendering process in certain cases) and sub-contract the construction work to their company as a contractual service.
  • Going forward, They are directly venturing into contracts with unrelated third parties and they are taking on a role of a professionally managed construction company. With years of experience as a construction company and their promoter entities & group entities being the developer, their management has also got an exposure of the roles and responsibilities as a developer. In order to gain the advantage from their management experience, they are looking towards to enter into the larger role of a developer.

Issue Size: Rs.264.10 Cr.

Issue break-up:

QIB - 50 % of the offer - Rs. 132.05 Cr
NIB - 15 % of the offer - Rs. 39.62 Cr.
RET - 35 % of the offer - Rs. 92.44 Cr.

Listing: BSE & NSE

Registrar: Link Intime India Private Limited

UPI : All Retail & NII Bidders (bids up to Rs. 5,00,000) Applications through brokers are compulsorily in UPI Mode

Note

Application made using third party UPI or ASBA Bank A/c are liable to be rejected.

The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e., Thursday, October 10th, 2024.

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