Garuda Construction's Spectacular IPO Entry

Garuda Construction and Engineering Ltd has raised Rs 75 crore from anchor investors ahead of its IPO opening. The IPO includes a fresh issue of shares and an offer for sale. Proceeds will fund working capital and corporate purposes. Revenue and profit have significantly increased in recent years.

Garuda Construction and Engineering Ltd announced on Monday that it successfully raised Rs 75 crore from anchor investors just one day prior to its initial public offering (IPO) opening for public subscription.

The key investors include AG Dynamic Funds, Trust Mutual Fund, Maybank Securities Pte Ltd, and Cognizant Capital Dynamic Opportunities Fund, among others. Garuda Construction allocated 78,95,138 equity shares at Rs 95 each to the investors, according to the Bombay Stock Exchange (BSE).

The IPO will open from October 8 to October 10, with a price range of Rs 92-95 per share, aiming for a total size of Rs 264 crore. The company's financials show a promising growth trajectory, with revenue and profit seeing substantial increases over the past few years.

(With inputs from agencies.)