Garuda Construction and Engineering Limited IPO Listing Date, Price Band Details | IPO News | Garuda Construction's IPO subscribed 1.96 times on first day: 3.52 times more subscribed in retail category, today is the second day of bidding.

Today is the second day of bidding for the Initial Public Offer (IPO) of Garuda Construction and Engineering Limited. This IPO was subscribed a total of 1.96 times on the first day. The issue was subscribed 3.52 times in the retail category, 0.02 times in the Qualified Institutional Buyers (QIB) category and 1.11 times in the Non-Institutional Investors (NII) category.

Tomorrow i.e. 10th October is the last day to bid for it. The company wants to raise ₹264.10 crore through this issue. For this, the company is issuing 18,300,000 fresh shares worth ₹173.85 crore. Whereas, the existing investors of the company are selling 9,500,000 shares worth ₹90.25 crore through Offer for Sale i.e. OFS.

If you are also planning to invest money in it, then we are telling you how much you can invest in it.

What is the minimum and maximum amount that can be invested?

Garuda Construction and Engineering has fixed the price band of this issue at ₹92-₹95. Retail investors can bid for a minimum of one lot i.e. 157 shares. If you apply for 1 lot at the upper price band of IPO at ₹95, you will have to invest ₹14,915.

Whereas, retail investors can apply for maximum 13 lots i.e. 2041 shares. For this, investors will have to invest ₹ 193,895 as per the upper price band.

35% of the issue reserved for retail investors

The company has reserved 50% of the issue for Qualified Institutional Buyers (QIB). Apart from this, about 35% share is reserved for retail investors and the remaining 15% share is reserved for non-institutional investors (NII).

Garuda Construction & Engineering premium in gray market 5.26%

Before listing, the company's shares have reached a premium of 5.26% i.e. ₹ 5 per share in the gray market. In such a situation, according to the upper price band of ₹ 95, it can be listed at ₹ 100. Although this can only be a guess, the listing price of a share is different from the gray market price.

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 Initial Public Offering i.e. IPO. The company needs money to expand its business. In such a situation, instead of taking loan from the market, the company raises money by selling some shares to the public or issuing new shares. For this the company brings IPO.