Garuda Construction and Engineering Ltd. has announced a price band of Rs 92-95 per share for its Rs 2.64 billion Initial Public Offering (IPO). The IPO will open for public subscription on October 8 and close on October 10.

The offering comprises a fresh issue of 18.3 million equity shares and an Offer For Sale (OFS) of 9.5 million shares by promoter PKH Ventures. At the upper price band, the total IPO size is valued at Rs 2.64 billion.

Of the proceeds, Rs 1 billion will be allocated to meet the company's working capital requirements, while the remaining funds will be used for general corporate purposes, including potential inorganic acquisitions.

The IPO is structured to reserve 50% for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional investors. Investors can bid for a minimum of 157 shares and multiples thereafter.

Garuda Construction and Engineering is currently working on multiple projects, including six residential, two commercial, one industrial, and one infrastructure project, with an order book valued at Rs 14.08 billion.

(ET)