Garuda Construction and Engineering Limited IPO
Garuda Construction and Engineering Limited IPO
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Garuda Construction and Engineering Limited's achieved publicly listed status following its IPO debut on 15-10-2024 at the NSE, BSE platform. The offering successfully mobilized 2,78,00,000 Shares, with 1,83,00,000 Shares allocated to corporate growth initiatives and ₹90.25 Cr providing liquidity to existing shareholders.
Investment participation occurred within the established price band of ₹90 to ₹95, starting from minimum lots of 157 shares. The subscription window from 08-10-2024 through 10-10-2024 enabled investor participation across market segments.
Share allocation was completed on 11-10-2024, determining ownership distribution among successful applicants. The listing represents a milestone achievement, transitioning the company to regulated public market status with associated responsibilities and opportunities.
Investors can bid starting from the minimum lot size specified for this IPO, and only in multiples of that lot size. The table below shows the minimum and maximum investment for retail investors and HNIs in terms of lots, quantity, and amount.
Garuda Construction IPO About Company
Garuda Construction and Engineering Limited, established in 2010, is a versatile construction company offering services across residential, commercial, infrastructure, and industrial projects. Along with core construction, it specializes in operation and maintenance (O&M), mechanical, electrical, and plumbing (MEP) services, and finishing works. The company also handles infrastructure and hospitality projects, ensuring end-to-end project execution. As of September 28, 2024, Garuda had a dedicated team of 65 permanent employees, supporting its wide range of services.
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Garuda Construction IPO Strength Factors
- Specialized & Growing: The company focuses on residential and commercial construction while expanding into industrial and infrastructure projects, showcasing strategic growth.
- Strong Track Record: With successful projects like the Golden Chariot hotels and multiple residential developments in MMR, the company has built a reputation for quality and reliability.
- Expert Project Management: Its strong execution and management skills ensure efficient project completion across various regions, including MMR, Karnataka, and Tamil Nadu.
Garuda Construction IPO Risk Factors
- Revenue Dependence on Key Clients: A large portion of Afcons' revenue comes from its top 10 clients, mainly related to its parent company. Losing any major client could have a big financial impact.
- Limited Work with External Clients: Afcons has less experience working with independent third-party clients. Expanding beyond its promoter group is essential for long-term growth.
- Industry Ups & Downs: The construction sector is affected by economic changes. Slowdowns in the economy could impact Afcons' projects and financial stability.
Garuda Construction IPO Lead Manager(s)
- Corpwis Advisors Private Limited
Garuda Construction IPO Promoter(s)
- Pravinkumar Brijendra Kumar Agarwal
- PKH Ventures Limited
- Makindian Township Private Limited
Garuda Construction IPO FAQs
Garuda Construction and Engineering Limited IPO subscribed 7.55 times. The public issue subscribed 10.81 times in the retail category,--times in QIB, and -- times in the HNI (10+) category byNovember 19, 2025 9:25:05 AM (Day 19).
Note : "Calculations for ‘Shares Offered’ and ‘Total Amount’ are based on the highest price in the issue price band."
Garuda Construction IPO IPO Investor Categories
The offer proceeds will be utilised towards the following investor categories in compliance with SEBI regulations:
Qualified Institutional Buyers (QIB)
Financial Institutions, Banks, FIIs, and Mutual Funds registered with SEBI are called QIBs. In most cases, QIBs represent small investors who invest through mutual funds, ULIP schemes, and pension schemes.
Non-Institutional Investors (NII / HNI)
Retail Individual Investors (HNI), NRIs, Companies, Trusts, etc. who bid for shares worth more than ₹2 lakhs are known as Non-Institutional Bidders. Unlike QIBs, they do not need SEBI registration.
Subcategories of NII:
- sNII (Small NII – bids below ₹10 Lakhs)
For bids between ₹2–10 lakhs. One-third of NII shares are reserved for this category, also known as Small HNI (sHNI).
- bNII (Big NII – bids above ₹10 Lakhs)
For bids above ₹10 lakhs. Two-thirds of NII shares are reserved for this category, also called Big HNI (bHNI).
- sNII (Small NII – bids below ₹10 Lakhs)
Retail Individual Investors (RII)
Individual investors or NRIs who apply up to ₹2 lakhs in an IPO are considered under the RII reserved category.
Employee (EMP)
A category of eligible employees who have a reserved quota in the IPO.
Others
This includes eligible shareholders or other investors with reserved quotas in the IPO.
Garuda Construction IPO FAQs
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