The initial public offering i.e. IPO of Garuda Construction and Engineering Limited will open this week on October 8. Investors will be able to bid on this issue until October 10. The company’s shares will be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on October 15.
The company aims to raise ₹264.10 crore through this issue. For this, the company is issuing 18,300,000 new shares worth ₹173.85 crore. Whereas the existing investors of the company are selling 9,50,000 shares worth ₹90.25 crore through Offer for Sale i.e. OFS.
If you are also planning to invest money in it, we tell you how much you can invest in it.
What is the minimum and maximum amount that can be invested?
Garuda Construction and Engineering has set the price range of this issue at ₹92 to ₹95. Individual investors can bid on at least one lot, i.e. 157 shares. If you apply for 1 lot in the upper IPO price band of ₹95, you will need to invest ₹14,915.
While retail investors can apply for a maximum of 13 lots, or 2041 shares. For this, investors will have to invest ₹193,895 as per the upper price band.
35% of the issue reserved for individual investors
The company has reserved 50% of the issue for Qualified Institutional Buyers (QIB). Apart from this, around 35% of the shares are reserved for retail investors and the remaining 15% are reserved for non-institutional investors (NII).
Garuda Construction and Engineering was established in 2010.
Garuda Construction & Engineering Limited was established in 2010 and is a construction company. It provides construction services for residential and commercial infrastructure and industrial projects. Along with this, the company also provides many services including operation and maintenance, electrical and plumbing.
What is IPO? When a company issues its shares to the general public for the first time, it is called an initial public offering, i.e. an IPO. The company needs money to expand its business. In such a situation, instead of taking a loan from the market, the company raises funds by selling some shares to the public or issuing new shares. For this, the company brings an IPO.