Garuda Construction and Engineering, a leading company in civil construction services, is set to launch its Initial Public Offering (IPO) tomorrow, October 8. This IPO has caught the attention of many investors, and it’s a great opportunity for those looking to invest in a growing business in the infrastructure sector. All the important details you need to know about the Garuda Construction IPO.
Key IPO Dates and Pricing
IPO Opening Date: The Garuda Construction and Engineering IPO will open for subscription on Tuesday, October 8. Investors can apply for shares until Thursday, October 10.
Price Band: The price range for the IPO is set between ₹92 to ₹95 per equity share. This indicates that investors are allowed to place bids for shares within this specified price range.
Lot Size: To invest, the minimum lot size is 157 shares, and investors can bid in multiples of 157 shares. This gives small and large investors a chance to participate.
Allocation Breakdown: Of the total shares on offer, 50% are reserved for qualified institutional buyers (QIBs) like mutual funds and banks, 15% for non-institutional investors (NIIs), and 35% for retail investors, which includes everyday people looking to invest.
Listing and Allotment Dates
Allotment Date: The shares will be allotted to investors on Friday, October 11. This is when investors will know how many shares they have been allotted.
Refunds and Credit: Refunds for unsuccessful bids will be processed by Monday, October 14, and the shares will be credited to the demat accounts of successful bidders on the same day.
Listing Date: The shares are expected to be listed on the BSE and NSE stock exchanges on Tuesday, October 15. Once listed, the shares can be bought and sold in the stock market.
The Grey Market Premium (GMP) for Garuda Construction and Engineering’s IPO has been trading at ₹22. This means that investors in the grey market are willing to pay ₹22 more than the issue price to buy these shares. A higher GMP indicates strong demand, and if this continues, Garuda Construction shares could list at a higher price than expected.
Based on the ₹95 upper range of the price band and the current GMP, experts estimate the listing price could be around ₹117 per share. This would represent a 23.16% premium over the issue price, making it an attractive option for investors.
Garuda Construction and Engineering offers a wide range of services in civil construction, including residential, commercial, industrial, and infrastructure projects. The company is also involved in hospitality projects, and aims to expand its capacity in these sectors. With a solid track record, Garuda Construction has positioned itself as a trusted name in the construction industry.
The Garuda Construction and Engineering IPO offers a promising investment opportunity, with strong demand reflected in the grey market and a well-balanced allocation for different types of investors. As the IPO opens tomorrow, investors have a few days to make their decision. However, it’s important to do thorough research and consider individual risk tolerance before investing.
