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Garuda Construction and Engineering Ltd IPO

Garuda Construction and Engineering Limited is civil construction and engineering company based in Mumbai. The Company provides end to end civil construction for residential, commercial, residential cum commercial, infrastructure and industrial projects. It also provides services such as operations and maintenance services (O&M) and Mechanical, Electrical and Plumbing (MEP) services and finishing works as a part of its construction services. Hence, The Company offers complete construction services under its banner.

Garuda Construction and Engineering Ltd IPO Details

Total Shares Offered

₹ 2,78,00,000

Offer to Public

95,00,000

Retail Max (Shares)

₹ 97,30,000

Pre Issue Promoters Holding

₹ 7,23,60,730

Exchange

BSE

Issue size

₹ 264.1 Cr

IPO Open Date

Oct 8, 2024

Close Date

Oct 10, 2024

Lot Size

157

Min Investment

₹ 14,130

Issue Type

Book Building

Listing Date

Oct 15, 2024

Garuda Construction and Engineering Ltd IPO Dates

Oct 8, 2024

Opening date

Oct 10, 2024

Closing date

Oct 11, 2024

Basis of Allotment

Oct 14, 2024

Initiation of Refunds

Oct 14, 2024

Credit of Shares

Oct 15, 2024

Listing date

Details

Sector	Type
Sector	Engineering - Turnkey Services
Sub Sector	NA
Issue Type	Book Building

Subscription Status

*Values are in Lakhs

Investor Type	Subscription Times	Shares Offered*
QIB	0x	13900000
NII	0x	4170000
Retail	0x	9730000
Employee	0x	0
Total	0x	27800000

Investor Type

QIB

NII

Retail

Employee

Total

Subscription Times

13900000

4170000

9730000

27800000

Garuda Construction and Engineering Ltd Financial Status

Income Statement

Particulars (In Rs. Crores)

Balance Sheet

Particulars (In Rs. Crores)

Particulars (in Rs. Crores)	FY23	FY22	FY21
Revenue from operations	225.67	50.06	55.61
EBITDA	67.49	50.47	56.13
PAT	49.80	36.44	40.80
Total Assets	368.79	201.78	146.97
Share Capital	46.52	37.37	12.46
Total Borrowings	132.92	16.01	56.96
Operating Activities (Net Cash)	50.12	36.85	41.32
Investing Activities (Net Cash)	-2.15	-2.21	-2.21
Financing Activities (Net Cash)	132.92	16.01	56.96
Net Cashflow	44.47	2.30	6.62

About Garuda Construction and Engineering Ltd

Garuda Construction and Engineering Limited was incorporated as `Garuda Construction and Engineering Private Limited' a private limited company, under the Companies Act, 1956, pursuant to a certificate of incorporation dated September 21, 2010 issued by the Registrar of Companies, Maharashtra at Mumbai (RoC). Subsequently, the Company was converted into a public limited company pursuant to a special resolution passed by its shareholders in the extra ordinary general meeting held on September 09, 2023 and the name of the Company was changed to `Garuda Construction and Engineering Limited' and a fresh Certificate of Incorporation dated October 10, 2023 was issued to the Company by the RoC.

The company operates in the construction industry. The construction sector is the country's second-largest economic segment after Agriculture. The sector contributed 8.4% to the national GVA (at constant price) in FY23. The order book of construction companies is dependent upon the capital expenditure in the economy. Broadly, the investments can be classified into infrastructure, real estate and industrial construction. Increase in infrastructure demand & government initiative shows the potential for catapulting India to the third largest construction market globally. Overall the Indian Construction sector has grown at a CAGR of 10.6% from FY18 to FY23 from Rs. 2,375 Billion to Rs. 3,922 Billion. The construction sector is further expected to grow from Rs. 3,922 Billion in FY23 to Rs. 6,494 Billion in FY30 at a CAGR of 7.5%. Historically, infrastructure creation, spread across sectors such as roads and highways, telecom, airports, ports, power, oil and gas and railways has dominated the investments. Increase in Infrastructure demand & government initiative shows the potential for catapulting India to the third largest construction market globally. The sector is expected to contribute 15% to the Indian economy by 2030.

Peer Comparison:

PSP Projects Ltd
Capacit'e Infraprojects Ltd
Vascon Engineers Ltd
Ahluwalia Contracts (India) Ltd

Garuda Construction and Engineering Ltd Key Points

Strengths

Its primary focus is civil construction of residential and commercial buildings.

The Company has established a track record of successfully executing a diverse mix of construction projects i.e., residential, hospitality and commercial projects.

Its goal is to use its project management and execution capabilities to accomplish its projects on schedule while keeping high construction quality.

The Company has an experienced promoter and management team with its Chairperson and Managing Director who is also its Promoter, having over 2 decades of experience in various businesses, such as construction, hospitality and management services.

Its marketing and sales strategies.

Risk

Its total revenue comes from the company top 10 clients, mainly its promoter related entities and group companies. The loss of any of its significant clients may have an adverse effect on its business, financial condition, results of operations, and prospect.

As a construction company, its limited experience in dealing with unrelated third-party entities presents challenges for its growth. If the company cannot establish ourselves successfully as developers or contractors beyond its promoter group and associated companies, the company longterm growth, operational results, and profits may be constrained. Notably, its revenue heavily relies on construction projects related to its Group Companies and promoters being 100.00%, 44.82%, 94.62% and86.65% in stub period ended April 30, 2024, March 31, 2024, March 31, 2023 and March 31, 2022 respectively.

The construction industry is cyclical and sensitive to changes in the economy and this could have a significant impact on its operations and financial results.

Strategy

Thrust into the Construction and Development segment.

Increase its focus on and execute greater number of projects on a lock-and-key basis.

Continue focusing on timely completion.

Continue to maintain an asset light model for its business operations.

Expand its geographical footprint.

How To Apply for Garuda Construction and Engineering Ltd IPO Online?

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From the list of open IPOs, select the IPO you want to invest.

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Go through the IPO details like lot size, price band, about the company, etc.

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Click ‘Apply IPO’ to apply and enter the number of lots and bidding price along with your UPI ID.

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Confirm your bid and accept the payment mandate sent to your UPI App for completing the IPO application.

FAQs on IPO (Initial Public Offering)

What is the issue size of the Garuda Construction and Engineering Ltd IPO?

Garuda Construction and Engineering Ltd's IPO offers shares for up to 173.85 It begins on Oct 8, 2024 and ends on Oct 10, 2024.

What is the price of the Garuda Construction and Engineering Ltd IPO?

The price of Garuda Construction and Engineering Ltd IPO ranges between ₹90 to ₹95 per share.

What are the open and close dates for the Garuda Construction and Engineering Ltd IPO?

The Garuda Construction and Engineering Ltd IPO opens on Oct 8, 2024 and closes on Oct 10, 2024.

When will the Garuda Construction and Engineering Ltd IPO be allotted?

The allotment for the Garuda Construction and Engineering Ltd IPO will be finalised on Oct 11, 2024. The shares will be listed on BSE and NSE on Oct 15, 2024.

What is the minimum lot size required for Garuda Construction and Engineering Ltd IPO?

The minimum lot size for Garuda Construction and Engineering Ltd IPO is 157 shares, priced between ₹90 to ₹95 per share.

What is the GMP of Garuda Construction and Engineering Ltd IPO?

The GMP (Grey Market Premium) of Garuda Construction and Engineering Ltd IPO fluctuates based on market demand and sentiment.

How do you check the allotment status of Garuda Construction and Engineering Ltd IPO?

To check the allotment status of Garuda Construction and Engineering Ltd IPO, visit the registrar's website, select the IPO, enter your PAN Card number, Application Number, or DP Client ID, and click 'search.'

Where is the Garuda Construction and Engineering Ltd IPO getting listed?

The Garuda Construction and Engineering Ltd IPO is getting listed on the BSE and NSE. Bidding opens on Oct 8, 2024, and closes on Oct 10, 2024. The allotment is finalised on Oct 11, 2024.

How do you apply for the Garuda Construction and Engineering Ltd IPO?

To apply for the Garuda Construction and Engineering Ltd IPO, download the BlinkX app, complete KYC, select the IPO, enter bid details, and submit. Verify UPI payment for shares allotment.