Garuda Construction and Engineering IPO Listing: Garuda Construction and Engineering IPO got listed in the stock market today. The company’s shares have been listed on BSE and NSE today. Shares of Garuda Construction & Engineering were listed on BSE at Rs 100, a 5.26% premium over its IPO price band of Rs 95. At the same time, these shares were listed on NSE at Rs 105 with a premium of 10.5%. However, the stock witnessed a decline after listing and reached an intraday low of Rs 101.54 on BSE. At the same time, a decline of 2% was seen in this share on NSE and this share came at Rs 102.
Subscribed 7.55 times
Let us tell you that the IPO of Garuda Construction and Engineering Limited was opened for investment on 8th October and closed on 10th October. Its price band was fixed at Rs 95. This IPO was subscribed 7.55 times in three days. Garuda Construction and Engineering Ltd had raised Rs 75 crore from anchor investors before the issue opened. The IPO comprised a fresh issue of 1.83 crore equity shares and an offer for sale (OFS) of 95 lakh equity shares by promoters PKH Ventures. It was proposed to list the shares of the company on BSE and National Stock Exchange.
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corporate planning
Of the net proceeds (gross proceeds less issue expenses) from the fresh issue, up to Rs 100 crore will be used for working capital requirements and the balance for general corporate purposes including unidentified inorganic acquisitions. The company provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects. Also provides additional services for infrastructure and hospitality projects.
