Garuda Construction and Engineering, on Monday, garnered ₹75 crore from anchor investors a day before its initial public offering (IPO) opens for subscription on October 8.
According to the exchange filing, the company has allocated 78,95,138 equity shares at ₹95 per share on Monday, October 7 to anchor investors.
Foreign and Domestic Institutions who participated in the anchor were AG DYNAMIC FUNDS LIMITED, TRUST MUTUAL FUND – TRUST MF FLEXI CAP FUND, MAYBANK SECURITIES PTE LIMITED, NORTH STAR OPPORTUNITIES FUND VCC, RESONANCE OPPORTUNITIES FUND, BRIDGE INDIA FUND, COGNIZANT CAPITAL DYNAMIC OPPORTUNITIES FUND.
Out of the total allocation of 78,95,138 equity shares to the anchor investors, 10,52,685 equity shares were allocated to TRUST MUTUAL FUND – TRUST MF FLEXI CAP FUND domestic mutual fund amounting to ₹10 crore i.e. 13.33% of the Total Anchor Book Size.
Corpwis Advisors Private Limited is the sole book running lead manager, and Link Intime India Private Limited is the registrar of the issue. The equity shares are proposed to be listed on BSE and NSE.
About Garuda Construction and Engineering IPO
The IPO consists of a fresh issuance of up to 18,300,000 equity shares, along with an offer for sale of up to 9,500,000 equity shares.
The Company plans to launch its initial public offering of Equity Shares (the “Offer”) on Tuesday, October 8, 2024, and it will conclude on Thursday, October 10, 2024. The price range for the Offer has been set at ₹90 to ₹95 per equity share.
At the upper end of the price range, the IPO is expected to raise ₹264.10 crore.
Investors may bid for a minimum of 157 equity shares and in multiples of 157 equity shares thereafter.
The offer will be conducted through the book-building process, with no more than 50% of the offer allocated on a proportionate basis to qualified institutional buyers, at least 15% allocated to non-institutional bidders, and a minimum of 35% reserved for retail individual bidders.
