Garuda Construction Stocks Surge on Market Debut

Shares of Garuda Construction and Engineering Ltd soared over 10% on their market debut. The IPO was subscribed 7.55 times with a price range of Rs 92-95 per share. Funds raised will support working capital needs and possible acquisitions. The firm holds a robust order book of Rs 1,408.27 crore.

Shares of Garuda Construction and Engineering Ltd soared over 10% in their highly anticipated market debut. The stock opened at Rs 103.20 on the BSE, marking an 8.63% rise over its issue price of Rs 95. It later climbed to Rs 109.78, showcasing a significant 15.55% increase.

At the NSE, Garuda Construction's shares listed at Rs 105, a 10.52% jump. The company's market capitalization reached Rs 1,008.29 crore. The firm's IPO was heavily oversubscribed, recording 7.55 times the available shares by the final day of sales.

The IPO featured a blend of fresh equity issuance and an offer of sale by PKH Ventures, aimed at raising capital for working requirements and potential acquisitions. The Mumbai-based company is involved in multiple construction projects, maintaining an order book valued at Rs 1,408.27 crore.

(With inputs from agencies.)