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Garuda Construction and Engineering Ltd

Construction

Offer Period :

8th to 10th Oct 2024

Garuda Construction and Engineering Ltd IPO Details

IPO Date 8th to 10th Oct 2024 Minimum Investment ₹14915 / 1 Lots
Listing Date 2024-10-15 Maximum Investment ₹193895 / 13 Lots
Face Value ₹5 per share Total Issue Size ₹264.1 Crores
Price ₹95 to ₹95 per share Fresh Issue ₹173.85 Crores
Lot Size 1 Lots (157 Shares) Offer For Sale ₹ 90.25
Listing At BSE, NSE Retail Discount ₹ 0
Employee Discount ₹0 per share    
IPO Date 8th to 10th Oct 2024
Listing Date 2024-10-15
Face Value ₹5 per share
Price ₹95 to ₹95 per share
Lot Size 1 Lots (157 Shares)
Listing At BSE, NSE
Employee Discount ₹0 per share
Minimum Investment ₹14915 / 1 Lots
Maximum Investment ₹193895 / 13 Lots
Total Issue Size ₹264.1 Crores
Fresh Issue ₹173.85 Crores
Offer For Sale
Retail Discount ₹ 0

Garuda Construction and Engineering Ltd IPO

Garuda Construction and Engineering Ltd is set to make its debut in the stock market with an Initial Public Offering (IPO). The company, with its long-standing presence in the construction sector, aims to raise capital through a fresh issue of up to 1,83,00,000 equity shares, along with an offer for sale of up to 95,00,000 equity shares by its promoter PKH Ventures Limited. This IPO will offer investors a chance to participate in the company’s growth as it strengthens its portfolio in the infrastructure and engineering space. The equity shares will be listed on the BSE and NSE, offering a broader market presence. This opportunity comes as the company seeks to capitalize on new projects and expand its service offerings.
 

The IPO presents significant potential, considering Garuda Construction's established brand, experienced management, and its comprehensive project execution capabilities. As India continues to invest in infrastructure development, the company is well-positioned to contribute to major projects across the country.

Timeline

Important dates for allocation and IPO listing.

8th Oct

IPO Starts

10th Oct

IPO Ends

11th Oct

Allotment Date

14th Oct

Initiation of Refund

14th Oct

Credit of Shares to Demat Account

15th Oct

IPO Listing Date

Shareholder Pattern

  Pre-Issue Post-Issue
Promoter Group 96.82 67.56
Public Group 3.18 32.44

Garuda Construction and Engineering Ltd IPO Reservation

QIB Shares Offered 5560000(20%)
NII (HNI) Shares Offered 4170000(15%)
Retail Shares Offered 9730000(35%)
Anchor Investor Shares Offered 8340000(30%)
Total Shares Offered 27800000
Total Shares With Anchor Investor 27800000

IPO Lot Size

ApplicationLotsSharesAmount
Retail (Min)---
Retail (Max)---
S-HNI (Min)---
S-HNI (Max)---

Garuda Construction and Engineering Ltd IPO Registrar

Link Intime India Pvt Ltd
Phone Number +91 810 811 4949
Email Id garudaconstructions.ipo@linkintime.co.in
Our Website www.linkintime.co.in

Garuda Construction and Engineering Ltd IPO Lead Manager

1. Corpwis Advisors Pvt Ltd

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Garuda Construction and Engineering Ltd IPO Subscription LIVE Status

Category No. of shares offered No. of shares bid No. of subscribed
Qualified Institutional Buyers (QIBs) 60,04,862 54,64,542 5,23,030.0
Non Institutional Investors (NIIs) 41,70,000 1,18,05,144 5,23,030.0
Non Institutional Investors (Bid amount of more than Ten Lakh Rupees) 27,80,000 39,68,018 5,23,030.0
Non Institutional Investors (Bid amount of more than Two Lakh and upto Ten Lakh Rupees) 13,90,000 78,37,126 5,23,030.0
Retail Individual Investors (RIIs) 97,30,000 7,06,96,158 5,23,030.0
Total 1,99,04,862 8,79,65,844 5,23,030.0

Strength of Garuda Construction and Engineering Ltd

1. Its primary focus is civil construction of residential and commercial buildings.

2. The Company has established a track record of successfully executing a diverse mix of construction projects i.e., residential, hospitality and commercial projects.

3. Its goal is to use its project management and execution capabilities to accomplish its projects on schedule while keeping high construction quality.

4. The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over 2 decades of experience in various businesses, such as construction, hospitality and management services.

5. Its marketing and sales strategies.

6. Visible growth through increasing order book.

Risks Involved

1. Its total revenue comes from the company top 10 clients, mainly its promoter related entities and group companies. The loss of any of its significant clients may have an adverse effect on its business, financial condition, results of operations, and prospect.

2. As a construction company, its limited experience in dealing with unrelated third-party entities presents challenges for its growth. If the company cannot establish ourselves successfully as developers or contractors beyond its promoter group and associated companies, the company longterm growth, operational results, and profits may be constrained. Notably, its revenue heavily relies on construction projects related to its Group Companies and promoters being 100.00%, 44.82%, 94.62% and86.65% in stub period ended April 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 respectively.

3. The construction industry is cyclical and sensitive to changes in the economy and this could have a significant impact on its operations and financial results.

4. One of its Promoter - Mr. Pravin Kumar Brijendra Kumar Agarwal is involved in a criminal proceeding initiated by Airport Police Station which is currently pending before the Hon'ble Metropolitan Magistrate at Andheri, Mumbai. Any such proceedings, or any adverse action as a result of such proceedings, may affect the reputation of its promoter and subsequently that of the company's business.

5. The Company had negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.

6. The previous IPO filed by its promoter group PKH Venture Limited was not subscribed leading to withdrawal of the IPO.

7. Its business and profitability are significantly dependent on the performance of the real estate market generally in India and particularly in the Mumbai Metropolitan Region ("MMR"). Varying market conditions in the MMR may affect its ability to ensure sale of the company projects and the pricing of units in such projects, which may adversely affect its results of operations and financial condition.

8. Its contracts are mostly of the nature of EPC contracts and the company is exposed to inherent risks related to its contractual framework.

9. The company enter into various sub-contract agreements with primary contractors for construction projects. Such agreements contain conditions and requirements, the non-fulfilment of which could result in delays and its may be required to indemnify and compensate them.

10. Delaysin obtaining a requisite approvals or statutory clearances may lead to challenges and could adversely impact profitability and future projects like as happened with its "Trinity Oasis" project situated at Ghodbunder Road, Thane.

Why should you invest in

-

Industry Outlook of Garuda Construction and Engineering Ltd IPO
 

The Indian construction sector is the second-largest economic segment after agriculture, contributing 8.4% to the national Gross Value Added (GVA) in FY23. With the country’s ambitious infrastructure development goals, the sector is poised for significant growth. Key drivers shaping the industry outlook are:

- Robust Growth in Infrastructure: Investments in roads, highways, airports, ports, and railways continue to dominate capital expenditure, fueling demand for construction services.

- Government Initiatives: Programs like the National Infrastructure Pipeline (NIP) and the Smart Cities Mission are driving public sector spending, creating immense opportunities for companies like Garuda Construction.

- Expanding Market Size: The sector grew at a CAGR of 10.6% from FY18 to FY23, reaching ₹3,922 billion. It is expected to expand further at a CAGR of 7.5%, reaching ₹6,494 billion by FY30.

- Private Sector Participation: Public-Private Partnerships (PPP) have increased, offering private players a stake in large infrastructure projects.

- Real Estate and Industrial Construction: Growing demand in urban housing and industrial construction complements the infrastructure boom, creating a well-rounded growth ecosystem.

Garuda Construction and Engineering Ltd is well-positioned to benefit from this positive industry outlook due to its diverse project portfolio and strong execution capabilities.

Financials

Particulars For the financial year ending (in ₹ million)
 
Total Assets
Total Liabilities
Total Expenses
Total Revenue 
Profit After Tax
EBITDA
Adjusted EBITDA

Garuda Construction and Engineering Ltd IPO Listing Details

Listing Date BSE Script Code NSE Symbol ISIN Final Issue Price
2024-10-15 544271 GARUDA
INE0JVO01026
₹95 per share

Listing Day Trading Information

Price Details BSE NSE
Final Issue Price ₹95 ₹95
Open ₹103.2 ₹105
Low ₹100.3 ₹100.36
High ₹120.73 ₹120.99
Low ₹100.3 ₹100.36

Frequently Asked Questions

What is Garuda Construction and Engineering Ltd IPO?

Answer Field

Garuda Construction and Engineering Ltd IPO is a Mainboard IPO of 2,78,00,000 equity shares of a face value of ₹5 aggregating up to ₹264.1 Crores. The issue is priced at ₹95 to ₹95 per share. The minimum order quantity is 157 Shares. The IPO opens on October 08, 2024, and closes on October 10, 2024. Link Intime India Pvt Ltd is the registrar for the IPO. The shares are proposed to be listed on BSE,NSE.

When Garuda Construction and Engineering Ltd IPO will open?

Answer Field

The Garuda Construction and Engineering Ltd IPO opens on October 08, 2024 and closes on October 10, 2024.

What is the lot size of Garuda Construction and Engineering Ltd?

Answer Field

Garuda Construction and Engineering Ltd lot size is 157 shares, and the minimum amount required is ₹14,915.

How to apply for Garuda Construction and Engineering Ltd IPO?

Answer Field

You can apply in Garuda Construction and Engineering Ltd IPO online using either UPI or ASBA as payment method. ASBA IPO application is available in the net banking of your bank account. UPI IPO application is offered by brokers who don't offer banking services. To apply for an IPO:

• Login to Bajaj Broking account App/Website & click on IPO

• Enter the number of lots and price at which you wish to apply.

• Enter your UPI ID and click on submit. With this, your bid will be placed with the exchange.

• You will receive a mandate notification to block funds in your UPI app.

• Approve the mandate request on your UPI and funds will be blocked.

When is Garuda Construction and Engineering Ltd IPO allotment?

Answer Field

The finalization of Basis of Allotment for Garuda Construction and Engineering Ltd IPO will be done on October 11, 2024, and the allotted shares will be credited to your demat account by October 14, 2024.

When is Garuda Construction and Engineering Ltd IPO listing date?

Answer Field

The Garuda Construction and Engineering Ltd listing date is October 15, 2024.

Who is the registrar of Garuda Construction and Engineering Ltd IPO?

Answer Field

The registrar of Garuda Construction and Engineering Ltd IPO is Link Intime India Pvt Ltd

Which company is the book-running lead manager of the IPO?

Answer Field

Corpwis Advisors Pvt Ltd will be the book-running lead manager of this IPO.

What is the fresh issue of Garuda Construction and Engineering Ltd IPO?

Answer Field

The fresh issue size is ₹173.85 Crores equity shares.

What minimum lot size can retail subscribers subscribe to Garuda Construction and Engineering Ltd?

Answer Field

Retail investors can subscribe to a minimum of one lot, 157 shares and ₹14,915 amount.

How can I approve the UPI mandate request for Garuda Construction and Engineering Ltd IPO?

Answer Field

To apply for Garuda Construction and Engineering Ltd IPO, you need to log in to your demat account to complete the bidding process. Then, approve the payment mandate on your UPI app.

What is the price range of Garuda Construction and Engineering Ltd?

Answer Field

The price of each Garuda Construction and Engineering Ltd share will be ranging in between ₹95 to ₹95 per share.

What is the cut-off time for the UPI mandate for Garuda Construction and Engineering Ltd IPO?

Answer Field

The cut-off time for the UPI mandate confirmation is 5:00 PM, October 10, 2024.

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