Garuda Construction and Engineering Ltd declared on Thursday that it has set a price range of Rs. 92-95 per share for its Rs. 264 crore initial public offering (IPO). The initial share sale will open for public subscription on October 8 and close on October 10, the Mumbai-based company announced.
The IPO is a combination of a fresh issue of 18.3 million equity shares and an offer for sale (OFS) of 9.5 million equity shares by promoter PKH Ventures.
The size of the IPO has been set at Rs. 264 crore at the upper end of the price range. Proceeds up to Rs. 100 crore from its fresh issue will be utilized for working capital requirements, as well as balancing toward general corporate objectives, including unidentified inorganic acquisitions.
Half of the issue size has been set aside for eligible institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 157 equity shares and then in multiples of 157 equity shares. Currently, Garuda Construction and Engineering is involved in the civil construction of six residential projects, two commercial projects, one industrial project, and one infrastructure with an order book of Rs. 1,408.27 crore.
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On the financial front, the company’s revenue from operations increased from Rs. 77.02 crore in FY22 to Rs. 154.18 crores in FY2024, at a compound annual growth rate (CAGR) of 26%, and profit after tax in FY2022 from Rs. 18.78 crores to 36.43 crores in FY2013, at a CAGR of 25%. Corpwis Advisors is the sole book-running lead manager and Link Intime India is the registrar in the matter.
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(With Agencies Input)