Garuda Construction IPO: Garuda Construction and Engineering's IPO opens, know till when the bidding can take place…

Garuda Construction IPO: The Initial Public Offer (IPO) of Garuda Construction and Engineering Limited has opened. Investors can bid for this issue till October 10. The company's shares will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 15.

The company aims to raise ₹264.10 crore through this issue. For this, 18,300,000 new shares will be issued at a value of ₹ 173.85 crore. At the same time, existing investors will sell 9,500,000 shares worth ₹ 90.25 crore under Offer for Sale (OFS).

Minimum and maximum investment amount

Garuda Construction and Engineering has set 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 as per the upper price band of the IPO at ₹95, you will have to invest ₹14,915.

Apart from this, retail investors can apply for a maximum of 13 lots i.e. 2041 shares, for which they will have to invest ₹193,895.

Part reserved for retail investors

35% of this issue is reserved for retail investors. Additionally, 50% portion has been earmarked for Qualified Institutional Buyers (QIBs) and the remaining 15% for Non-Institutional Investors (NIIs).

gray market premium

Ahead of the listing, shares of Garuda Construction & Engineering are available in the gray market at a premium of 5.26% i.e. ₹5 per share. In this case, it may be listed at ₹100 as per the upper price band of ₹95. However, the actual listing price may be different from the gray market price. (Garuda Construction IPO)