Garuda Construction and Engineering IPO listing date today. Here’s what GMP, experts signal

Garuda Construction and Engineering IPO Listing: Garuda Construction and Engineering Ltd is set to make its stock market debut today after witnessing a decent demand for its initial public offering (IPO). Garuda Construction and Engineering IPO listing date is today, October 15.

Garuda Construction and Engineering IPO was open for subscription from October 8 to 10. The IPO allotment was fixed on October 11 and the Garuda Construction and Engineering share listing date is October 15.

“Trading Members of the Exchange are hereby informed that effective from Tuesday, October 15, 2024, the equity shares of Garuda Construction and Engineering Limited shall be listed and admitted to dealings on the Exchange in the list of ‘B’ Group of Securities,” a notice on BSE website said.

Garuda Construction and Engineering shares will be a part of Special Pre-open Session (SPOS) on Tuesday, October 15, 2024, it added. The stock will be available for trading from 10:00 AM.

Ahead of the share listing, investors watch out for the trends in Garuda Construction and Engineering IPO GMP today, or grey market premium to gauge the estimated listing price. However, Garuda Construction and Engineering IPO GMP today ahead of listing and analysts signal that shares see a flat or even negative listing.

Garuda Construction and Engineering IPO GMP

Garuda Construction and Engineering IPO GMP today ahead of listing is ₹0 per share, according to stock market experts. This indicates that in the grey market, Garuda Construction shares are trading at par with their issue price, without any premium or discount. Thus, Garuda Construction IPO GMP today signals a flat listing of shares.

Garuda Construction and Engineering IPO Listing Price

Analysts also expect a weak listing of Garuda Construction and Engineering shares. The estimated listing price of Garuda Construction shares is in the range of ₹95 - 95 apiece, according to analysts.

“Garuda Construction and Engineering's IPO is expected to record a muted opening with a -3% to +5% increase in listing opportunities. I suggest investors not rush into the secondary market immediately. Instead, they should wait for the stock to stabilize and monitor its performance, as it could offer a better entry point after listing. Moreover, I recommend considering a dip buying strategy, particularly if the price falls to around ₹65 - 70 in the first 10 days of listing,” said VLA Ambala, Co-Founder of Stock Market Today.

For the shares that have been allocated, Ambala expects the post-listing to bring disappointment. However, she believes that holding on to the stock, with the risk of up to 25% exposure could result in a 20% to 40% gain in the next few weeks. Furthermore, considering the current market conditions, many experienced investors may prefer large or mid-sized companies in the same industry, as they are available at discounted prices.

“After analyzing the market, I would recommend that investors who are aiming for listing gains consider these aspects and make an informed decision, as it is likely to offer a muted listing on the exchange,” Ambala said.

Shivani Nyati, Head of Wealth, Swastika Investmart Ltd said that while the Garuda Construction and Engineering IPO received a decent subscription of 7.5 times, the grey market premium (GMP) currently stands at 0, indicating a potential for a flat or even negative listing.

“The IPO's valuation was reasonable, but investors should carefully consider the cyclical nature of the industry and the potential impact of market volatility on the company's performance. A flat or negative listing is a possibility, and investors should be prepared for short-term losses,” Nyati said.

Sagar Shetty, Research Analyst, StoxBox noted that the Garuda Construction shares GMP is currently at 0%, indicating that there may not be immediate listing gains.

“However, given the company's financial performance and expansion into high-growth segments, investors allotted shares are advised to consider holding their positions from a medium to long-term perspective,’ Shetty said.

Garuda Construction and Engineering IPO Details

Garuda Construction and Engineering IPO opened for subscription on October 8, and closed on October 10. The IPO allotment was finalized on October 11, and Garuda Construction and Engineering IPO listing date is October 15. Garuda Construction and Engineering shares will be listed on both the stock exchanges, BSE and NSE.

Garuda Construction and Engineering IPO price band was set at ₹90 to ₹95 per share. At the upper-end of the price band, the company raised ₹264.10 crore from the book-built issue which was a combination of fresh issue of 1.83 crore equity shares worth ₹173.85 crore and offer for sale of 0.95 crore shares worth ₹90.25 crore.

Garuda Construction and Engineering IPO was subscribed 7.55 times in total.

Corpwis Advisors Private Limited is the book running lead manager of the Garuda Construction and Engineering IPO, while Link Intime India Private Ltd is the IPO registrar.

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Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.