Garuda Construction and Engineering IPO Allotment: Checking Status Online

The initial public offering (IPO) of Garuda Construction and Engineering Limited has attracted significant attention from investors, with the allotment status anticipated to be finalized on October 11, 2024. Investors can check their share allotment status on the websites of the National Stock Exchange (NSE), Bombay Stock Exchange (BSE), and the issue registrar, Link Intime India Private Limited.

The IPO, valued at ₹264.1 crore, was open for subscription from October 8 to October 10. The issue witnessed a substantial oversubscription, garnering bids for over 15 crore shares as opposed to the 1.99 crore shares on offer. Specifically, the retail segment saw bids for 10.52 crore shares, poised against 97.3 lakh shares designated for this category, achieving an oversubscription rate of 10.81 times.

The response from non-institutional investors (NIIs) was also robust, with the segment being booked 9 times, while qualified institutional buyers (QIBs) placed bids for 74.71 lakh shares, leading to a subscription rate of 1.24 times. The IPO included a fresh issuance of 1.83 crore shares, amounting to ₹173.85 crore, alongside an offer-for-sale of 95 lakh shares worth ₹90.25 crore.

Investors interested in checking their share allotment can do so using their Permanent Account Number (PAN) and application number on the BSE website. The IPO’s price band was set at ₹90 to ₹95 per share, with a minimum lot size of 157 shares for retail investors, equating to an investment of ₹14,915.

Garuda Construction and Engineering Limited, founded in 2010, provides construction services across residential, commercial, and industrial sectors. The company has diversified into allied services such as operation and maintenance, as well as mechanical, electrical, and plumbing services. As of late September 2024, Garuda employed 65 permanent staff members.

Proceeds from the IPO will be utilized for general business growth, working capital requirements, and supporting potential acquisitions. Market analysts have noted varying opinions on the IPO’s potential, with some recommending a “subscribe” rating based on the company’s promising growth trajectory and strategic plans.

The anticipated listing date for Garuda’s shares on NSE and BSE is October 15, 2024. This IPO has drawn considerable market interest amid India‘s expanding construction sector, which is projected to become the third-largest globally. However, investors have been advised by some analysts to exercise caution, particularly given current market conditions and the company’s financial standing.