Shares of Garuda Construction and Engineering made a strong debut on the stock market today, October 15, listing at Rs 105, which reflects a premium of 10.5% over its issue price of Rs 95 per share on the Bombay Stock Exchange (BSE). This listing gain surpassed grey market expectations, where shares were trading without any premium prior to the official launch.
The company’s initial public offering (IPO) raised Rs 264 crore and was met with robust demand, achieving a subscription rate of 7.55 times by the end of the bidding period on October 10. Retail and non-institutional investors played a significant role in this success, with their respective portions subscribed 10.81 times and 9.03 times. Qualified institutional buyers also showed interest, bidding 1.24 times their allotted quota.
Garuda Construction and Engineering plans to utilize the funds raised for working capital needs, general corporate expenses, and potential acquisitions. The company specializes in a broad range of construction services, including residential, commercial, and infrastructure projects, positioning itself for future growth in a competitive market.
