Garuda Construction and Engineering raises Rs 75 crore via anchor book, ahead of IPO

Garuda Construction and Engineering IPO

EPC company Garuda Construction and Engineering raised Rs 75 crore from institutional investors via anchor book on October 7, a day before the IPO launch.

The company targets to mop up Rs 264.10 crore through its initial public offering at the upper end of the price band of Rs 92-95 per share. The IPO is a combination of fresh issuance of equity shares worth Rs 173.85 crore and an offer-for-sale of 95 lakh shares worth Rs 90.25 crore by promoter PKH Ventures.

The construction company said in its exchange filing that it has finalised the allocation of 78,95,138 equity shares to seven anchor investors for Rs 95 per share.

AG Dynamic Funds is the largest buyer amongst them, acquiring 21.05 lakh shares worth Rs 20 crore, while Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, and Bridge India Fund bought 10.52 lakh shares worth Rs 10 crore each.

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Cognizant Capital Dynamic Opportunities Fund is the smallest buyer, picking 5.26 lakh shares worth Rs 5 crore.

The Mumbai-based company will utilise fresh issue proceeds for its working capital requirements, and the remaining amount for general corporate expenses and unidentified inorganic acquisitions.

The public issue will open on October 8 and the last day for subscription to the offer will be October 8.

Garuda Construction provides construction services for residential, commercial, infrastructure, industrial, and hospitality projects. It also provides operation and maintenance (O&M), and mechanical, electrical and plumbing (MEP) services as well as finishing works as part of construction services.