Garuda Construction and Engineering Raises ₹75 Crore from Anchor Investors Ahead of IPO Launch

Garuda Construction and Engineering, an EPC (Engineering, Procurement, and Construction) company, has successfully raised ₹75 crore from institutional investors through its anchor book ahead of its Initial Public Offering (IPO) launch. The company finalized the allocation of 78,95,138 equity shares to seven anchor investors at a price of ₹95 per share.

The IPO, which is scheduled to open on October 8, targets a total fundraising of ₹264.10 crore at the upper end of its price band, which ranges from ₹92 to ₹95 per share. The public offering comprises a fresh issuance of equity shares worth ₹173.85 crore, alongside an offer-for-sale of 95 lakh shares, valued at ₹90.25 crore, by promoter PKH Ventures.

Among the anchor investors, AG Dynamic Funds emerged as the largest buyer, acquiring 21.05 lakh shares for approximately ₹20 crore. Other notable investors include Trust Mutual Fund, Maybank Securities, North Star Opportunities Fund, Resonance Opportunities Fund, and Bridge India Fund, each purchasing 10.52 lakh shares for around ₹10 crore. Cognizant Capital Dynamic Opportunities Fund participated as the smallest buyer, acquiring 5.26 lakh shares for ₹5 crore.

The proceeds from the fresh equity issuance will primarily be utilized for working capital requirements, with any remaining funds allocated for general corporate expenses and potential unidentified inorganic acquisitions.

Garuda Construction and Engineering specializes in a wide range of construction services, including residential, commercial, infrastructure, industrial, and hospitality projects. Additionally, the company offers operation and maintenance (O&M) services, as well as mechanical, electrical, and plumbing (MEP) services, along with finishing works as part of its comprehensive construction services portfolio.

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With the IPO set to open on October 8, investors are keenly watching how the market responds to this new offering. Garuda Construction's diverse range of services and strategic plans for the raised funds position it well for future growth in the evolving construction sector.

[Disclaimer: This content is for informational purposes only and should not be construed as financial or investment advice. Readers are encouraged to conduct their own research before making investment decisions.]