Garuda Construction IPO Takes Off: A Strong Start with 1.91 Times Subscription

The initial public offering of Garuda Construction and Engineering saw significant interest as it was fully subscribed at 1.91 times on its first day. The company aims to raise Rs 264 crore with a mix of fresh equity issues and offer for sale by PKH Ventures.

Garuda Construction and Engineering's initial public offering (IPO) saw a strong start on Tuesday, with subscriptions reaching 1.91 times. The IPO has attracted substantial attention, receiving bids for 3,80,15,666 shares against the 1,99,04,862 shares available. This interest highlights investor confidence in the construction firm.

Retail Individual Investors (RIIs) showed robust interest, with their portion subscribed 3.43 times, while non-institutional investors' segment was subscribed 1.10 times. However, the Qualified Institutional Buyers (QIBs) displayed tepid interest, with only a 2% subscription rate.

Garuda Construction plans to raise Rs 75 crore from anchor investors at a price band of Rs 92-95 per share, aiming to complete its Rs 264-crore IPO by October 10. This funding will largely support working capital needs and potential acquisitions. The company's growing order book and financial performance underscore its market potential.

(With inputs from agencies.)