The initial public offering (IPO) of Garuda Construction and Engineering received a strong response, with 7.55 times subscription by the close of the final day. The IPO attracted bids for 150.3 million shares, far exceeding the 19.9 million shares available, according to NSE data.

Retail Individual Investors (RIIs) oversubscribed their portion by 10.81 times, while non-institutional investors subscribed 9.03 times. The Qualified Institutional Buyers (QIBs) portion saw 1.24 times subscription.

Earlier, Garuda Construction raised Rs 750 million from anchor investors. The IPO, priced between Rs 92-95 per share, consists of a fresh issue of 18.3 million equity shares and an offer for sale (OFS) of 95 lakh shares by promoter PKH Ventures, totaling Rs 2.64 billion at the upper price band.

Proceeds from the fresh issuance, amounting to Rs 1 billion, will be used for working capital, while the remainder will go toward general corporate purposes, including potential acquisitions.

Garuda Construction, based in Mumbai, is involved in civil construction across residential, commercial, industrial, and infrastructure projects, with an order book of Rs 14.08 billion. The company's revenue grew from Rs 7.7 billion in FY22 to Rs 1.54 billion in FY24, with profit after tax doubling from Rs 187.8 million to Rs 364.3 million during the same period.

The shares will be listed on both the BSE and NSE, with Corpwis Advisors as the lead manager and Link Intime India as the registrar. 

(ET)