Mumbai, October 07, 2024: Garuda Construction and Engineering Limited, a growing civil construction company provide end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and additional services for infrastructure and also hospitality projects, has garnered Rs. 75 crores from anchor investors ahead of its initial public offering that opens for public subscription on Tuesday, October 08, 2024. The company informed the bourses that it allocated 78,95,138 equity shares at Rs. 95 per share on Monday, October 07, 2024, to anchor investors.
Foreign and Domestic Institutions who participated in the anchor were AG DYNAMIC FUNDS LIMITED, TRUST MUTUAL FUND – TRUST MF FLEXI CAP FUND, MAYBANK SECURITIES PTE LIMITED, NORTH STAR OPPORTUNITIES FUND VCC, RESONANCE OPPORTUNITIES FUND, BRIDGE INDIA FUND, COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND.
Out of the total allocation of 78,95,138 equity shares to the anchor investors, 10,52,685 equity shares were allocated to TRUST MUTUAL FUND – TRUST MF FLEXI CAP FUND domestic mutual fund amounting to Rs. 10 crore (approx.) i.e. 13.33% of the Total Anchor Book Size.
Corpwis Advisors Private Limited is the sole book running lead manager, and Link Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on BSE and NSE.
BSE Link: https://www.bseindia.com/markets/MarketInfo/DispNewNoticesCirculars.aspx?page=20241007-41
IPO Details
The IPO is a mix of fresh issue of up to 1,83,00,000 equity shares and an offer of sale up to 95,00,000 equity shares.
The Company is proposing to open its initial public offering of Equity Shares (the “Offer”) on Tuesday, October 08, 2024, and closes on Thursday, October 10, 2024. The price band for the Offer has been determined at Rs 92 – Rs 95 per equity share.
The IPO will fetch Rs 264.10 crore at the upper end of the price band.
Investors can bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter.
The offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
