Garuda Construction Shares Surge 10% on Debut
Oct 15, 2024 11:16
Garuda Construction and Engineering Ltd shares soared over 10% in their market debut, exceeding the IPO price. The company's IPO was oversubscribed, with a strong market valuation.
Illustration: Dominic Xavier/Rediff.com
New Delhi, Oct 15 (PTI) Shares of Garuda Construction and Engineering Ltd on Tuesday jumped over 10 per cent in debut trade against the issue price of Rs 95.
The stock listed at Rs 103.20, a jump of 8.63 per cent from the issue price on the BSE. Later, it surged 15.55 per cent to Rs 109.78.
At the NSE, shares of the firm made the debut at Rs 105, up 10.52 per cent.
The company's market valuation stood at Rs 1,008.29 crore.
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.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
MORE NEWS
Retail Inflation to Average 4.5% in 2024-25: RBI
RBI Deputy Governor Michael Patra projects retail inflation to average 4.5% in 2024-25,...
VA Tech WABAG Wins Rs 1000 Cr Order for...
VA Tech WABAG has secured a Rs 1,000 crore order from Indosol Solar to build a 100...
Govt Scrutinizes Product Disclosures by Quick...
India's Consumer Affairs Ministry is investigating whether quick commerce firms are...
Greenwashing Guidelines: Govt. Aims to Curb...
India's consumer affairs ministry has issued guidelines to regulate greenwashing and...
Indian Room AC Market to Grow 20-25% in FY'25:...
ICRA forecasts a 20-25% growth in the Indian room air-conditioner market in FY'25,...
HDFC AMC Q2 Profit Surges 32% to Rs 577 Cr
HDFC Asset Management Company (AMC) reported a 32% rise in Q2 FY25 profit to Rs 577...
Biz2X Surpasses Rs 9,000 Cr in Loans: Digital...
Biz2X, a digital lending platform, has surpassed Rs 9,000 crore in loan disbursements,...
PDRL Partners Stratus for Advanced Drone Tech
PDRL, a drone technology company, has partnered with Russian firm Stratus to provide...
India Oilmeals Export Down 35% in Sept: Trade Data
India's oilmeals exports slumped 35% in September to 2.14 lakh tonnes, primarily due to...
Mother Dairy Partners with Pro Kabaddi League...
Mother Dairy has partnered with the Pro Kabaddi League as the 'dairy partner' for the...
Read More »