Garuda Construction and Engineering IPO: Firm raises ₹75 crore from anchor investors ahead of public issue

Garuda Construction and Engineering, on Monday, garnered ₹75 crore from anchor investors a day before its initial public offering (IPO) opens for subscription on October 8.

According to an exchange filing, the company allocated 78,95,138 equity shares at ₹95 apiece to anchor investors on October 7.

Foreign and domestic institutions who participated in the anchor were AG Dynamic Funds, Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, Bridge India Fund and others.

Out of the total allocation of 78,95,138 equity shares to the anchor investors, 10,52,685 equity shares were allocated to Trust Mutual Fund - Trust MF Flexi Cap Fund domestic mutual fund amounting to ₹10 crore, i.e. 13.33 per cent of the total anchor book size.

Corpwis Advisors Private Limited is the sole book-running lead manager, and Link Intime India Private Limited is the issue's registrar. The equity shares are proposed to be listed on the BSE and NSE.

About Garuda Construction and Engineering IPO

The IPO consists of a fresh issuance of up to 18,300,000 equity shares, along with an offer for sale of up to 9,500,000 equity shares.

The company plans to launch its initial public offering of equity shares on October 8. The IPO will conclude on October 10. The price range for the offer has been set at ₹90 to ₹95 per equity share.

At the upper end of the price range, the IPO is expected to raise ₹264.10 crore.

Investors may bid for a minimum of 157 equity shares and in multiples of 157 shares thereafter.

The offer will be conducted through the book-building process, with no more than 50 per cent allocated proportionately to qualified institutional buyers, at least 15 per cent to non-institutional bidders, and a minimum of 35 per cent reserved for individual retail bidders.