Shares of Garuda Construction and Engineering on October 15 jumped over 12 percent in market debut trade against the issue price of Rs 95.
The stock listed at Rs 103.20, registering a jump of 8.63 percent from the issue price on the BSE. During the day, it surged 27.08 percent to Rs 120.73. Shares of the firm ended at Rs 106.83, rising 12.45 percent.
At the NSE, shares of the firm made the debut at Rs 105, up 10.52 percent. The stock soared 27.35 percent to Rs 120.99 during the day. It later ended at Rs 105.
The company's market valuation stood at Rs 993.96 crore.
In traded volume terms, 32.50 lakh shares of the firm were traded at the BSE and 460.93 lakh shares on the NSE during the day.
The initial public offering (IPO) of Garuda Construction and Engineering received 7.55 times subscription on the final day of the share sale on Thursday.
The initial share sale had a price band of Rs 92-95 per share.
The IPO was a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.
Proceeds from the fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes, including unidentified inorganic acquisitions.
The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, having an order book of Rs 1,408.27 crore.
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