Garuda Construction and Engineering IPO GMP: Garuda Construction and Engineering's IPO was open for subscription on 8 October. It received more than 1.91 times subscription on the first day on Tuesday. Whereas on Wednesday, by around 12:30 pm, it has been subscribed 3.05 times. The good thing is that the company's stock is trading at a premium in the grey market. According to IPO Watch, its GMP (grey-market premium) is Rs 5, which can increase or decrease on its listing. While the price band of shares in the IPO is Rs 92-95. Even if the final price remains Rs 95, then based on the current GMP, more than a 5 percent return can be obtained on the listing.

Details of IPO (Garuda Construction IPO)

Garuda Construction and Engineering's IPO opened on October 8 and will close on October 10. The price band in the IPO is Rs 92-95, while the lot size is 157 shares. The company will be listed on BSE-NSE on October 15. This is a mainboard IPO.

What is the business (Garuda Construction Business)

Garuda Construction & Engineering, started in 2010, offers a range of construction services for residential, commercial, housing/commercial, infrastructure, and industrial projects. The company also offers additional services for the infrastructure and hospitality sectors.

What will the company do with the funds raised from the IPO?

In the Rs 264.10 crore IPO of Garuda Construction, 1.83 crore new shares worth Rs 173.85 crore will be sold. At the same time, promoter PKH Ventures will sell 95 lakh shares worth Rs 90.25 crore. The company will use the funds raised from this issue for working capital needs, inorganic purchases, and general corporate expenses.