Garuda Construction and Engineering Ltd made its primary market debut today. On October 7, the company that provides civil construction services received ₹75 crore from anchor investors in preparation for its first public offering. Garuda Construction and Engineering’s IPO price band is set at ₹92-95 per share, with a total offer value of ₹264.10 crore. Investors can subscribe to the initial share offering from today until October 10. Half of the issue size has been assigned to qualified institutional buyers, 35% to retail investors, and the remaining 15% reserved for NIIs. Interested investors may bid for a minimum of 157 equity shares and multiples of 157 equity shares thereafter.
The company offers full-service civil construction for projects involving dwellings, workplaces, hotels, and infrastructure, as well as other services for commercial and structural projects. Civil construction entails the construction of concrete and composite steel structures as well as the erection of buildings for commerce, industry, housing, and hospitality. According to RHP, the company’s listed counterparts include PSP Projects Ltd, Capacite Infraprojects Ltd, Vascon Engineers Ltd, Ahluwalia Contracts Ltd, and B L Kashyap & Sons Ltd. The company’s revenue from operations climbed from ₹77.02 crore in fiscal 2022 to ₹154.18 crore in fiscal 2024, showing a 26% CAGR. The profit after tax increased from ₹18.78 crore in fiscal 2022 to ₹36.43 crore in fiscal 2024, representing a 25% CAGR.
