Garuda Construction and Engineering Limited
IPO Details
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Company Fin.
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Garuda Construction and Engineering Limited's achieved publicly listed status following its IPO debut on Oct 15, 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 Oct 08, 2024 through Oct 10, 2024 enabled investor participation across market segments.
Share allocation was completed on Oct 11, 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 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."
- 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.
- 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.
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