Garuda Construction's Market Debut: Stock Surges Over 12%

Garuda Construction and Engineering Ltd witnessed a substantial rise in its market debut, with shares jumping over 12% above the issue price. The company's initial public offering was oversubscribed by 7.55 times, with proceeds directed toward working capital and corporate purposes. Garuda Construction holds an order book worth Rs 1,408.27 crore.

Garuda Construction and Engineering Ltd experienced a significant stock surge during its market debut, with shares rising over 12% above the issue price of Rs 95.

The stock opened at Rs 103.20 on the BSE, noted an 8.63% gain, and peaked at Rs 120.73, marking a 27.08% increase within the day before closing at Rs 106.83.

The company's IPO garnered a strong response, being oversubscribed 7.55 times. Funds from the IPO will support working capital needs and future acquisitions, while the firm maintains an order book of Rs 1,408.27 crore.

(With inputs from agencies.)