IPO

Garuda Construction and Engineering Limited IPO

Mainboard

Civil Construction

Listed On: Oct 15, 2024 at ₹ 105.0(NSE)

₹ 14915 /157 Shares

Check Allotment

08 Oct, 2024

Open Date

10 Oct, 2024

Close Date

11 Oct, 2024

Allotment Date

15 Oct, 2024

Listing Date
Price Summary

Last Closing

207.08 (117.98%)

52 Week High

230.70

52 Week Low

77.05

Last Update

28-Oct-2025 3:30 PM
Garuda Construction and Engineering IPO Issue Details
  • Issue Price ₹92-95 per equity share
  • Face Value ₹5 Per Equity Share
  • Total Issue Size 2,78,00,000 shares(aggregating up to ₹264.1 crore)
  • Fresh Share 1,83,00,000 shares(aggregating up to ₹173.85 crore)
  • Offer For Sale 95,00,000 shares(aggregating up to ₹90.25 crore)
  • Listing at BSE, NSE
  • List Price 105.0(NSE)
  • Listing Date 2024-10-15
  • Lead Manager Corpwis Advisors Private Limited
  • Registrar Link Intime India Pvt Ltd
Market Lot Size

Investors can bid for a minimum of 157 shares and in multiples thereof. The following table depicts the minimum and maximum investment by Retail Investors and HNI in terms of shares and amount.

ApplicationLotsSharesAmount
Retail (min) 1157₹14,915
Retail(max)132041₹1,93,895
Garuda Construction and Engineering IPO Reservation

Garuda Construction and Engineering IPO offers total 27,800,000 shares. Out of which 6,004,862 (21.6%) allocated to QIB, 4,170,000 (15%) allocated to NII,9,730,000 (35%) allocated to RII, NA (NA%) allocated to employees and 7,895,138 (28.4%) allocated to Anchor investors.

Investor CategoryShares OfferedMaximum Allottees
Anchor Investor Shares Offered7,895,138 (28.4%)
QIB Shares Offered6,004,862 (21.6%)
NII (HNI) Shares Offered4,170,000 (15%)
bNII < ₹10L2,780,000 (10%)
sNII < ₹10L1,390,000 (5%)
Retail Shares Offered9,730,000 (35%)
Total Shares Offered27,800,000 (100%)
Garuda Construction and Engineering IPO Documents
DRHP
RHP
ANCHOR
Garuda Construction and Engineering IPO Details


Garuda Construction and Engineering IPO is a book-built issue of ₹264.1 crores, The total issue size is ₹264.1 crores. The IPO of Garuda Construction and Engineering is priced at ₹92-95 per equity share, which has a face value of ₹5 Per Equity Share each, IPO bidding starts from Oct 8, 2024 and ends on Oct 10, 2024. The allotment for Garuda Construction and Engineering IPO will be finalized on Oct 11, 2024. Garuda Construction and Engineering IPO will be listed on BSE, NSE, with a tentative listing date fixed as Oct 15, 2024. The company shall list its equity shares on the BSE, NSE. Link Intime India Pvt Ltd is the registrar of the issue.

Retail investors can bid for a minimum of 157 shares, extendable to 14,915. The book-running lead manager for the IPO is/are Corpwis Advisors Private Limited.

The total issue ₹264.1 crore, comprising a fresh issue of 1,83,00,000 shares ₹173.85 crore and having Offer for Sale (OFS) of 95,00,000 shares to mop up ₹90.25 crore.

The Garuda Construction and Engineering IPO sets its price band at 92-95 for each share. A single application for Garuda Construction and Engineering Limited IPO must contain at least 157 shares. Sentiment investors need to invest a minimum of 157 through their retail account. For investors to prevent oversubscription issues, they should submit bids at the cutoff price, which estimates about ₹14,915

Read More
Garuda Construction and Engineering IPO Subscription Analysis And Details
Retail
10.81x
QIB
1.24x
NII
9.03x
bNII
7.93x
sNII
11.23x
Total
7.55x
As onQIBNII
bNII   sNII		RetailTotal
Shares Offered / Reserved6,004,8624,170,000
2,780,000    1,390,000		9,730,00019,904,862
Day 1 08-10-24 05:00 PM
0.02 x1.10
0.45 x   2.39 x		3.43 x1.91 x
Day 2 09-10-24 05:00 PM
0.91 x2.58
1.32 x   5.10 x		6.73 x4.10 x
Day 3 10-10-24 05:00 PM
1.24 x9.03
7.93 x   11.23 x		10.81 x7.55 x
Total No of Applications
7,05,000
Subscription on the basis of Applications
Retail:11.24x BHNI:1.53x SHNI:10.11x
Garuda Construction and Engineering Valuations
EPS Pre IPO 4.87
EPS Post IPO 4.52
P/E Pre IPO 19.49
P/E Post IPO 21.03
ROE 36.14%
ROCE 46.69%
RoNW 30.62%
PAT Margin 23.63
Price to Book Value 5.97
Garuda Construction and Engineering Company Financials
In Crs.
In Cr.
31-Mar-2431-Mar-2331-Mar-22
Assets228.49176.35111.03
Revenue154.47161.0277.03
Profit After Tax36.4440.818.78
Net Worth119.0182.6141.79
Reserves & Surplus81.6570.1329.34
Total Borrowing0.150.1911.99
About Garuda Construction and Engineering Company

Garuda Construction and Engineering Limited was incorporated on 21st day of September, 2010, and is a fast-emerging civil construction company undertaking comprehensive construction services in residential, commercial, industrial, and infrastructure projects. Garuda has established itself as a quality and innovative trailblazer and earned a good name in the industry.

The company specializes in the construction of concrete and steel structures that are not only strong but also durable, offering customers a total solution with MEP solutions. Garuda is proud to be offering its services-from conceptual design to actual project completion-to ensure that all projects meet its commitment to excellence.

Renowned for its expertise in hospitality development, Garuda consistently delivers projects that not only meet but exceed client expectations. The firm also offers comprehensive operations and maintenance services, ensuring the sustainability and long-term performance of every structure built.

Garuda’s mission is to drive the future of urban development by creating sustainable, innovative, and beautifully designed structures. With a focus on efficiency, client satisfaction, and the use of top-quality materials, Garuda is committed to enhancing urban landscapes with state-of-the-art construction that reflects its core values of social responsibility and design excellence.

Read More
Garuda Construction and Engineering - Promoter(s)

Pravinkumar Brijendra Kumar Agarwal

PKH Ventures Limited

Makindian Township Private Limited

Pre Issue Share Holding : 96.18%

Post Issue Share Holding : 67.56%

Garuda Construction and Engineering IPO - Issue Objectives
1

Working Capital Requirements

2

General Corporate Expenses and unidentified inorganic acquisitions

3

Cover the Issue Expenses

Garuda Construction and Engineering IPO - Anchor Investors

Garuda Construction and Engineering raises Rs 75 crore via anchor book.

The construction company said in its exchange filing that it has finalised the allocation of 78,95,138 equity shares to seven anchor investors for Rs 95 per share.

AG Dynamic Funds is the largest buyer amongst them, acquiring 21.05 lakh shares worth Rs 20 crore, while Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, and Bridge India Fund bought 10.52 lakh shares worth Rs 10 crore each.Cognizant Capital Dynamic Opportunities Fund is the smallest buyer, picking 5.26 lakh shares worth Rs 5 crore.

Garuda Construction and Engineering IPO - Peers Comparison
Company NameEPS (Basic)EPS (Diluted)NAV (per share) (Rs)P/E (x)RoNW (%)P/BV RatioFinancial statements
Garuda Construction and Engineering Limited4.87N/A15.92N/A36.146.33Consolidated
Psp Projects Ltd34.16N/A254.132017.732.7Consolidated
Capacite Infraprojects Ltd16.09N/A223.4423.619.351.17Consolidated
Vascon Engineers Ltd3.05N/A44.3322.6611.321.39Consolidated
Ahluwalia Contracts (India) Ltd.55.95N/A238.8422.9717.144.28Consolidated
B.l.kashyap And Sons Ltd.2.33N/A22.0248.6713.383.09Consolidated

Notes:

  1. For listed peer - sourced from the annual audited financial results of the listed peer for the year ended March 31, 2024.
  2. For listed peers, Net Asset Value (NAV) is computed as equity attributable to owners (total equity) divided by the number of equity shares outstanding at the end of the year.
  3. For listed peers, the P/E Ratio has been computed based on the closing market price of equity shares on the website of BSE as of August 30, 2024, divided by the Basic EPS provided under Note 2 above.
Strength
The company maintains high construction quality and timely delivery through its strong project management capacity, utilizing a fleet of modern construction equipment managed through third-party vendors to remain asset-light.
As of the latest report, Garuda's order book stood at ₹1,40,827.44 lakhs, indicating strong future revenue potential from ongoing and upcoming projects across various regions.
Asset Management and Cost Efficiency: By employing third-party vendors for equipment, Garuda strategically keeps its asset base light, which enhances cost efficiency and minimizes operational disruptions, contributing to its financial stability.
Weakness
Garuda Construction has experienced negative cash flows from operations in recent periods, totalling (-₹192.64 lakhs) as of November 30, 2023, which could hinder financial stability and operations.
Venturing into new markets with 64.61% of ongoing projects with unrelated entities exposes Garuda to risks of non-performance, project delays, and potential financial losses.
Contact Details

Garuda Construction and Engineering

201, A Wing, Fortune 2000 C -3 Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

+91 22 79635174

compliance@garudaconstructionengineering.com

https://garudaconstructionengineering.com/

Registrar Contact Details

Link Intime India Private Ltd

+91-22-4918 6270

garudaconstructions.ipo@linkintime.co.in

https://linkintime.co.in/initial_offer/public-issues.html