Mumbai-based Civil Construction and Engineering firm Garuda Construction and Engineering Limited, has received final observation from the capital markets regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offering (IPO). The company had filed its DRHP on 24th May 2024.
The IPO has a face value of Rs 5 and consists of a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50million equity shares by PKH Ventures (“Promoter Selling Shareholder”).
The Offer is being made through the book-building process, wherein not more than 50% of the offer shall be available for allocation on a proportionate basis to qualified institutional buyers, not less than 15% of the offer shall be available for allocation to non-institutional bidders, and not less than 35% of the offer shall be available for allocation to retail individual bidders.
The proceeds from the fresh issue, to the extent of Rs 100 crore for funding the working capital requirements; and general corporate purposes including unidentified inorganic acquisition.
Garuda Construction and Engineering provides end-to-end civil construction for residential, commercial, residential cum commercial, infrastructure, and industrial projects and additional services for infrastructure and also hospitality projects, wherein, civil construction includes the construction of residential, hospitality, industrial, infrastructural, and commercial buildings, construction of concrete building structures and composite steel structures that are required for the civil construction. It provides additional services for infrastructure and also hospitality projects.
The Company’s capabilities include constructing concrete building structures as well as composite steel structures. In addition, it also provides O&M and MEP services and finishing works as a part of its construction services, offering complete civil construction and additional services under its banner.
