Oct 8, 2024
By: Sourabh Jain
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Mumbai-based Garuda Construction and Engineering’s initial public offering (IPO) is now open and will close on Thursday, October 10.
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Garuda Construction has fixed a price band of ₹92-₹95 per share for its public issue.
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Garuda Construction is a Mumbai-based construction company that provides construction services for residential, commercial, infrastructure, and industrial projects.
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Garuda Construction is looking to raise ₹264.10 crore from the current IPO. This includes a fresh issue of ₹173.85 crore and an offer for sale (OFS) component of ₹90.25 crore.
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Investors can bid for a minimum of 157 shares and in multiples of 157 shares thereafter.
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The company is currently working on six residential projects, two commercial projects, one infrastructure project and an industrial project. It has an order book of ₹14,083 crore.
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The company’s income was ₹154.47 crore in FY24, down from ₹161.02 crore in FY23. The company reported a profit after tax (PAT) of ₹36.44 crore in FY24, down from ₹40.08 crore PAT reported in FY23.
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A major chunk of the company’s revenue comes from its top ten clients. It operates in an industry that is capital-intensive and has heavy competition.
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The funds raised will be used for the company’s working capital requirements and general corporate purposes.
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