Garuda Construction & Engineering IPO
Garuda Construction & Engineering IPO — date, price band, lot size & details 2024
Garuda Construction & Engineering listed on 15 Oct 2024 at ₹105, 10.5% above the ₹95 issue price.
Garuda Construction & Engineering is a civil construction company that mainly builds projects for group and promoter-linked developers, and is moving into third-party contracts. Its total income was Rs 154.47 crore in FY2024.
Stock price
Garuda Construction & Engineering is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 14 November.
- Open 08 Oct 2024
- Close 10 Oct 2024
- Allotment 11 Oct 2024
- Refund/credit 14 Oct 2024
- Listing 15 Oct 2024
Issue summary
The terms of the offer, as filed.
| IPO Dates | 8 to 10 Oct, 2024 |
|---|---|
| Price Band | ₹90 – ₹95 |
| Face Value | ₹5 |
| Lot Size | 157 Shares |
| Issue Size | ₹264.1 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | MUFG Intime India Private Limited |
| Min Investment | ₹ 14,915 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 157 shares at the ₹95 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 157 | ₹14,915 |
| Retail (max) | 13 | 2,041 | ₹1,93,895 |
| S-HNI (min) | 14 | 2,198 | ₹2,08,810 |
| S-HNI (max) | 67 | 10,519 | ₹9,99,305 |
| B-HNI (min) | 68 | 10,676 | ₹10,14,220 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 18.78 crore in FY2022 to Rs 36.44 crore in FY2024.
- 02The company was almost debt free, with borrowing of Rs 0.15 crore on 31 March 2024.
- 03The source puts the PAT margin at 23.63%.
- 04The pre-issue P/E was 19.49 at the upper band of Rs 95, based on EPS of Rs 4.87.
- 05Rs 173.85 crore of the issue was fresh capital, mostly for working capital.
Risks · 5
- 01Most of its business comes from group companies and promoter-linked developers, which is a related party risk, and Rs 100.00 crore of the issue went to working capital.
- 02Total income fell from Rs 161.02 crore in FY2023 to Rs 154.47 crore in FY2024.
- 03Growth into third-party contracts is untested and will need bidding against larger rivals, and total income was Rs 11.88 crore in the one month to 30 April 2024.
- 04Rs 90.25 crore of the issue was offer for sale by a promoter.
- 05Promoters held 96.82% before the issue and 67.56% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Garuda Construction & Engineering offer document.
| Metric | 30 Apr 2024 | 31 Mar 2024 | 31 Mar 2023 | 31 Mar 2022 |
|---|---|---|---|---|
| Assets | 234.84 | 228.49 | 176.35 | 111.03 |
| Total Income | 11.88 | 154.47 | 161.02 | 77.03 |
| Profit After Tax | 3.50 | 36.44 | 40.80 | 18.78 |
| NET Worth | 122.51 | 119.01 | 82.61 | 41.79 |
| Total Borrowing | 0.15 | 0.15 | 0.19 | 11.99 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Garuda Construction & Engineering RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Garuda Construction & Engineering IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹4.87 | ₹4.52 |
| P/E Ratio (x) | 19.49 | 21.03 |
| Market Cap at Offer Price (₹ Cr) | ₹68.28 | ₹73.56 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹95 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹159.67 Cr of the issue is earmarked to named objects.
Garuda Construction & Engineering IPO Anchor Investors
7 anchor investors across 4 fund houses committed ₹75.00 Cr a day before the issue opened.
| Anchor Investor | Fund House | Shares | Amount (₹ Cr) | % of Anchor Book |
|---|---|---|---|---|
| Ag Dynamic Funds Limited | - | 2,105,370 | 20.00 | 26.67% |
| Trust Mutual Fund - Trust MF Flexi Cap Fund | - | 1,052,685 | 10.00 | 13.33% |
| Maybank Securities Pte Limited | - | 1,052,685 | 10.00 | 13.33% |
| North Star Opportunities Fund Vcc - Bull Value Incorporated Vcc Sub-Fund | North Star Opportunities | 1,052,685 | 10.00 | 13.33% |
| Resonance Opportunities Fund | - | 1,052,685 | 10.00 | 13.33% |
| Bridge India Fund | Bridge | 1,052,685 | 10.00 | 13.33% |
| Cognizant Capital Dynamic Opportunities Fund | Cognizant | 526,343 | 5.00 | 6.67% |
| Total anchor allocation | 75.00 | |||
Anchor investors bid a day before the issue opens and are locked in after allotment, so a book weighted towards domestic mutual funds is generally read as a stronger signal than one filled by short-horizon funds. Browse every anchor investor scheme or fund house we track.
About the company
Its business has been mainly construction for group companies and promoter-linked developers, and it is now moving into third-party contracts for growth.
Its promoters are Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited and Makindian Township Private Limited.
The IPO was Rs 264.1 crore, with Rs 173.85 crore of fresh issue and Rs 90.25 crore of offer for sale by PKH Ventures. Rs 100.00 crore was planned for working capital.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Garuda Construction & Engineering IPO Documents
Read the filings this page is built from.
Company contact
Frequently asked
What is the GMP of Garuda Construction & Engineering?
The current Grey Market Premium is ₹0.
What is the Garuda Construction & Engineering IPO price band?
₹90 to ₹95, on a face value of ₹5.
When is the allotment?
The basis of allotment is 11 October 2024, with listing on 15 October 2024.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — MUFG Intime India Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
