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Garuda Construction and Engineering IPO is a book-built issue of Rs 264.10 crores. The issue is a combination of a fresh issue of 1.83 crore shares aggregating to Rs 173.85 crore and an offer for sale of 0.95 crore shares aggregating to Rs 90.25 crore.
The IPO opens for subscription on October 8, 2024, and closes on October 10. The price band for the IPO is set at ₹92 to ₹95 per share. The minimum lot size for an application is 157 Shares.
Company Summary
Garuda Construction and Engineering Limited was founded in 2010 and is a construction company that provides comprehensive construction services for residential, commercial, residential/commercial, infrastructure, and industrial projects, as well as additional services for infrastructure and hospitality projects.
The company also provides services such as operation and maintenance (O&M) and mechanical, electrical and plumbing (MEP) services as well as finishing works as part of construction services.
The company has a strong track record in various construction projects, including Golden Chariot Vasai Hotel & Spa and Golden Chariot Boutique Hotel in 2015. Since 2017, the company has undertaken residential projects in MMR and completed two. From 2010 to 2017, the company focused on civil engineering in MMR, Karnataka and Tamil Nadu.
The company recorded Revenue from Operations of Rs. 1,187.50 Lacs for the period ended April 30, 2024, Rs. 15,417.83 Lacs in FY 2024, and Rs. 16068.76 Lacs in FY 2023 which indicates a strong financial performance and healthy balance sheet
As of September 28, 2024, the order value of the company’s ongoing and pending projects totaled Rs. 1,40,827.44 lacs. With projects spread across MMR, Arunachal Pradesh, Karnataka, Rajasthan, and Punjab, the increasing number of construction works and projects helped the company maintain its growth momentum and reputation.
As of September 28, 2024, the company had 65 permanent employees
Company Financials
| Period Ended | 30 Apr 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
| Assets | 234.84 | 228.49 | 176.35 | 111.03 |
| Revenue | 11.88 | 154.47 | 161.02 | 77.03 |
| Profit After Tax | 3.5 | 36.44 | 40.8 | 18.78 |
| Net Worth | 122.51 | 119.01 | 82.61 | 41.79 |
| Reserves and Surplus | 85.16 | 81.65 | 70.13 | 29.34 |
| Total Borrowing | 0.15 | 0.15 | 0.19 | 11.99 |
Amount in ₹ Crore | ||||
Objectives of the IPO
The Company proposes to utilize the funds being raised to fund the following objectives:
1. Working Capital Requirements
2. General Corporate Expenses and Unidentified Inorganic Acquisitions
Promoters of the company
The Promoters of our Company are Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited, Makindian Township Private Limited.
IPO details
| IPO Date | October 8, 2024 to October 10, 2024 |
| Listing Date | Tuesday, October 15, 2024 |
| Face Value | ₹5 per share |
| Price Band | ₹92 to ₹95 per share |
| Lot Size | 157 Shares |
| Total Issue Size | 27,800,000 shares (aggregating up to ₹264.10 Cr) |
| Fresh Issue | 18,300,000 shares (aggregating up to ₹173.85 Cr) |
| Offer for Sale | 9,500,000 shares of ₹5 (aggregating up to ₹90.25 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 157 | ₹14,915 |
| Retail (Max) | 13 | 2041 | ₹193,895 |
| S-HNI (Min) | 14 | 2,198 | ₹208,810 |
| S-HNI (Max) | 67 | 10,519 | ₹999,305 |
| B-HNI (Min) | 68 | 10,676 | ₹1,014,220 |
Allotment Schedule
| Basis of Allotment | Friday, October 11, 2024 |
| Initiation of Refunds | Monday, October 14, 2024 |
| The credit of Shares to Demat | Monday, October 14, 2024 |
| Listing Date | Tuesday, October 15, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on October 10, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| QIB Shares Offered | Not more than 50.00% of the Net offer |
| Retail Shares Offered | Not less than 35.00% of the Net Issue |
| NII (HNI) Shares Offered | Not less than 15.00% of the Net Offer |
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