Garuda Construction Receives SEBI Approval to Launch IPO

On September 21, 2010, Garuda Construction and Engineering Limited was established as a publicly traded company. It is registered with the Registrar of Companies, ROC Mumbai, and is categorized as a non-government organization. The company has an authorized share capital of Rs. 500,000,000 and a paid-up capital of Rs. 373,708,710. The company is putting the finishing touches on the structure. Garuda Construction builds infrastructure, homes, offices, and factories. The total worth of their work is approximately Rs. 1,408 crore. They have completed projects totaling about Rs. 547 crore so far. Completed in 2014, the Golden Chariot Vasai Hotel & Spa was constructed by Garuda Construction as part of its 2010 foray into the hospitality sector. The Mumbai-based company has twelve active projects in its order book, seven of which have contracts worth more than Rs. 100 crore apiece. These projects include the construction and beautification of the residential projects Garuda Zenith and later Garuda Shatrunjay in Mumbai, as well as the residential project Trinity Oasis in Thane, Maharashtra. A residential project in Thane, Maharashtra, a hydropower project in Arunachal Pradesh, and the development and completion of the commercial project ‘Options World’ in Mumbai were also undertaken by it. There was also a residential building in Amritsar, Punjab.

Garuda Construction’s upcoming IPO:

Mumbai-based civil construction and engineering firm Garuda Construction and Engineering Limited has received the nod from capital markets regulator, the Securities and Exchange Board of India (Sebi), to raise funds through an initial public offering (IPO) on August 26, as per an official release. The company filed its DRHP on May 24, 2024.

The IPO consists of a fresh issue of up to 18.30 million equity shares at a face value of Rs. 5 apiece and an offer for sale of up to 9.50 million equity shares by PKH Ventures, the promoters, the release added.

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, as per the company statement.

Excited about new investment opportunities? Discover our Upcoming IPO and be the first to invest in the next big thing. Secure your financial future today!

Conclusion: Garuda Construction is planning to expand by launching an IPO to raise capital for its growth.