Garuda Construction and Engineering IPO opens
Garuda Construction and Engineering IPO: Today the IPO of Garuda Construction and Engineering opened for subscription. This is a mainboard IPO, which will be listed on BSE and NSE. This is a construction and engineering company, which is going to raise Rs 264.10 crore from its IPO. The company has fixed the price band of Rs 92 to Rs 95 for each share under its IPO. Retail investors will have to invest at least Rs 14,915 for one lot. In this amount, investors will be given 157 shares in one lot.
A total of 2,78,00,000 shares will be issued under IPO.
Garuda Construction and Engineering will issue a total of 2,78,00,000 shares under this IPO. There will be 1,83,00,000 new shares worth Rs 173.85 crore. Apart from this, the promoters of the company will issue 95,00,000 shares worth Rs 90.25 crore through OFS. This IPO, which opened on Tuesday, October 8, will close on Thursday, October 10. After which the allotment of shares will be done on Friday, October 11. Shares will be credited to the demat accounts of investors on Monday, October 14 and then the company will be listed in the stock exchange on Tuesday, October 15.
How is the company’s share price trending in the gray market?
According to NSE data, till 16.27 pm today, the IPO of Garuda Construction and Engineering Limited has received 1.84 times subscription. That means this IPO has been fully subscribed on the very first day. However, the company’s shares do not seem to be getting much support in the gray market right now. On Tuesday, October 8, the company’s shares are trading with a premium of Rs 5 in the gray market. It is believed that as the subscription for the IPO increases, its GMP price may also increase.
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