Garuda Construction IPO Skyrockets: Subscribed 4.1 Times on Day Two

Garuda Construction and Engineering's IPO experienced massive interest, with subscriptions soaring 4.1 times by the second day. Retail investors led the subscribership by 6.73 times. The firm plans to leverage raised funds for working capital and potential acquisitions. Its IPO concludes on Thursday, targeting Rs 264 crore.

Garuda Construction and Engineering's initial public offering witnessed significant interest, being subscribed 4.1 times by the end of the second day of trading. Data from the National Stock Exchange revealed bids for over 8 crore shares against an offering of roughly 2 crore shares.

Retail investors showed the most enthusiasm, with their portion subscribed 6.73 times, whereas the non-institutional investors' quota was filled 2.58 times. Qualified Institutional Buyers accounted for 91% of their available shares.

The IPO, raising Rs 75 crore through anchor investors earlier in the week, has a set price range of Rs 92-95 per share. Concluding Thursday, the IPO aims to gather Rs 264 crore, primarily to support working capital and potential acquisitions.

(With inputs from agencies.)