Garuda Construction IPO allotment expected soon. Check status, GMP, list date and other details

Allotment of shares of Garuda Construction and Engineering IPO is likely to be finalized today or tomorrow. Investors would get shares on a lottery basis and the entire process was supervised by a registrar. On the date of allotment, investors come to know about the number of shares allotted to them against the bid.

They can check the allotment status through BSE or by visiting the Registrar’s website. Here is how you can check the status on BSE or registrar’s website.

First, here is how you can know the status on BSE

Step 1: Visit BSE website (https://www.bseindia.com/investors/appli_check.aspx)

Step 2: Please select the issue name, it is the company name in the drop down.

Step 3: Enter the application number or PAN number to check the allotment status.

To check the Garuda Construction IPO allotment status by Registrar, which in this case is Link Intime India, please follow the steps below.

Step 1: Visit Linkintime India website (https://linkintime.co.in/initial_offer/public-issues.html)

Step 2: Select Garuda Construction IPO

Step 3: Enter the PAN details and click on search to know the status

Garuda Construction GMP

The company’s shares are expected to be listed on the exchange on October 15. In the unlisted market, the company’s shares have no GMP, suggesting a negative for flat listing.

Garuda Construction IPO Subscription

Garuda Construction’s Initial Public Offer (IPO) received a decent response from investors with an overall subscription of 30.6 times.

From fresh issue Rs. The proceeds to the tune of Rs 100 crore will be used to fund working capital requirements and general corporate purposes including undisclosed inorganic acquisitions.

Garuda Construction provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects and ancillary services for infrastructure and hospitality projects.

The Indian construction sector grew at a CAGR of 10.6% from FY18 to FY23 to Rs. 2.37 lakh crore to Rs. 3.9 lakh crore has grown to Rs. By FY30, the sector will grow at a CAGR of 7.5% to Rs. 6.49 lakh crore is expected.

For the year ended March 2024, the company’s revenue from operations fell 4% year-on-year to Rs. 151 crore and the profit after tax was also Rs. 40.79 crore down to Rs. 36.43 crores.

Corpvis Advisors is the sole book-running lead manager for the IPO and is the registrar of the Link Intime India offer.

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