Garuda Construction and Engineering IPO Subscription Status

Garuda Construction and Engineering's initial public offering (IPO) has garnered significant investor interest, with subscription rates increasing steadily over the three-day period. Starting modestly on day one, the IPO witnessed a surge in demand, resulting in a 4.83 times oversubscription by 10:59:09 AM on day three. This response underscores the strong market appetite for Garuda Construction and Engineering's shares and sets the stage for a potentially dynamic listing.

The IPO, which opened on 8th October 2024, has seen significant growth in investor participation across most categories. Garuda Construction and Engineering attracted bids for 9,61,19,953 equity shares amounting to ₹913.14 crore.

The Retail Investors segment, in particular, has shown overwhelming demand, followed by strong interest from Non-Institutional Investors. The Qualified Institutional Buyers (QIB) have shown modest participation.

Subscription Status of Garuda Construction and Engineering IPO for Days 1, 2, and 3:

Here are the subscription details for Garuda Construction and Engineering IPO as of Day 3 (10th October 2024, 10:59:09 AM)

Total Applications: 568,166

Note: The total amount is calculated based on the upper price of the issue price range.

Key Highlights:

• Garuda Construction and Engineering IPO is currently subscribed 4.83 times, with exceptional demand from Retail Investors.
• Retail investors have shown overwhelming interest, with a subscription ratio of 7.93 times.
• Non-Institutional Investors (NII) have demonstrated strong enthusiasm, with a subscription ratio of 3.24 times.
• Qualified Institutional Buyers (QIB) have shown modest interest, with a subscription ratio of 0.91 times.
• The overall subscription trend increases day-on-day, indicating high investor confidence and positive sentiment towards the issue.

Garuda Construction and Engineering IPO - Day 2 Subscription at 4.12 Times

Key Highlights:

• On Day 2, Garuda Construction and Engineering's IPO was subscribed 4.12 times, with strong demand from Retail Investors.
• Retail investors showed significantly increased interest with a subscription ratio of 6.76 times.
• Non-Institutional Investors (NII) showed increased interest with a subscription ratio of 2.59 times.
• Qualified Institutional Buyers (QIB) showed modest interest with a subscription ratio of 0.91 times.
• The overall subscription trend indicated building momentum, with most investor categories showing significant increased participation.

Garuda Construction and Engineering IPO - Day 1 Subscription at 1.96 Times

Key Highlights:

• The Garuda Construction and Engineering IPO was subscribed 1.96 times on Day 1, with initial demand primarily from Retail Investors.
• Retail investors showed early strong interest with a subscription ratio of 3.52 times.
• Non-Institutional Investors (NII) showed moderate initial interest with a subscription ratio of 1.11 times.
• Qualified Institutional Buyers (QIB) showed minimal initial interest with a subscription ratio of 0.02 times.
• The first-day response laid a strong foundation for the remaining days of the IPO, with expectations of increased participation in the following days.

About Garuda Construction and Engineering Limited:

Garuda Construction and Engineering Limited, established in 2010, is a prominent construction company providing comprehensive construction services for residential, commercial, infrastructure, and industrial projects. The company also offers additional services such as operation and maintenance (O&M) and mechanical, electrical and plumbing (MEP) services. It operates across multiple states in India, including Maharashtra, Karnataka, Rajasthan, and Punjab.

For FY 2024, Garuda Construction and Engineering reported a revenue of ₹154.47 crore and a Profit After Tax (PAT) of ₹36.44 crore. The company's net worth stood at ₹119.01 crore as of 31st March 2024. Key performance indicators, including a Return on Equity (ROE) of 36.14%, a Return on Capital Employed (ROCE) of 46.69%, and a PAT Margin of 23.63%, underscore its robust financial health.

As of 28th September 2024, the order value of the company's ongoing and pending projects totalled ₹1,40,827.44 lacs. With a strong workforce of 65 permanent employees as of September 2024, the company continues to expand its capabilities.

Read more about Garuda Construction and Engineering IPO

Highlights of the Garuda Construction and Engineering IPO:

• IPO Date: 8th October 2024 to 10th October 2024
• Listing Date: 15th October 2024 (Tentative)
• Face Value: ₹5 per share
• Price Band: ₹90 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 (aggregating up to ₹90.25 Cr)
• Issue Type: Book Built Issue IPO
• Listing At: BSE, NSE
• Book Running Lead Manager: Corpwis Advisors Private Limited
• Registrar: Link Intime India Private Ltd