Garuda Construction IPO GMP: Check full details from price band, subscription to GMP

Garuda Construction and Engineering Limited’s IPO will open for subscription on October 8. This company provides construction services for residential and commercial as well as industrial projects. This IPO can be subscribed till October 10. Garuda Construction can be listed in the stock market on October 15.

Garuda Construction IPO Timeline

Listing Date – October 15
Face Value – ₹5 per share
Price Band – ₹92 to ₹95 per share
Lot Size – 157 Shares
Total Issue Size – 27,800,000 shares
Fresh Issue – 18,300,000 shares
Offer for Sale – 9,500,000 shares
Issue Type Book Built Issue – IPO
Listing At – BSE, NSE

What is the price band of Garuda Construction

Garuda Construction and Engineering Limited will raise Rs 264.10 crore through the issue. In this, fresh equity worth Rs 173.85 crore will be issued. At the same time, the existing investors of the company will sell shares worth Rs 90.25 crore through Offer for Sale i.e. OFS. The price band of Garuda Construction and Engineering IPO has been fixed from 92 to 95.

One lot of IPO is of 157 shares. This means that according to the upper price band of IPO i.e. 95, you will have to invest at least Rs 14,915 for 1 lot. Retail investors can apply for a maximum of 13 lots i.e. 2041 shares. For this, an investment of Rs 1,93,895 will have to be made according to the upper price band.

IPO Open Date Tuesday, October 8, 2024
IPO Close Date Thursday, October 10, 2024
Basis of Allotment Friday, October 11, 2024
Initiation of Refunds Monday, October 14, 2024
Credit of Shares to Demat Monday, October 14, 2024
Listing Date Tuesday, October 15, 2024
Cut-off time for UPI mandate confirmation 5 PM on October 10, 2024

Garuda Construction IPO GMP

The unlisted shares of Garuda Construction and Engineering IPO are trading at a 13 per cent premium in the grey market. This means that investors can get the listing of Garuda Construction at Rs 107. This means that investors can get a listing gain of Rs 12 per share.

However, the GMP of Garuda Construction was 60 per cent initially. With this, investors were expecting huge listing gains like Bajaj Housing Finance and KRN Heat Exchanger. But, after the fall in the stock market, the sentiment deteriorated and the GMP of Garuda Construction crashed suddenly in the grey market.

What does Garuda Construction do?

Garuda Construction and Engineering Limited was founded in 2010. The company provides construction services for residential and commercial infrastructure and industrial projects. It also provides a range of services including operation and maintenance, electrical and plumbing. Garuda Construction’s projects are spread across several states.