The much-anticipated Garuda Construction IPO is nearing its allotment phase, and investors are eager to check their application status. Based in Mumbai, Garuda Construction is offering shares in the price band of Rs 92-95 per share, with a lot size of 157 shares. The company is expected to finalize the share allotment on Friday, October 11.
Garuda Construction IPO Allotment Status: All Details Uncovered in 2024
Key Dates to Remember
- Bidding Period: October 08 – October 10
- Allotment Finalization: Friday, October 11
- Listing Date: Tentatively set for Tuesday, October 15
Investors will receive notifications regarding their allotment status, debit of funds, or revocations of IPO mandates over the weekend or by Monday, October 14 at the latest.
Garuda Construction IPO Overview
Garuda Construction’s IPO, which raised a total of Rs 264.10 crore, included a fresh issue of shares worth Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh equity shares. Despite the company’s broad scope in providing construction services across residential, commercial, infrastructure, and industrial sectors, the IPO saw a muted investor response.
- Total Subscription: 7.55 times
- Retail Investors’ Subscription: 10.81 times
- Non-Institutional Investors (NIIs) Subscription: 9.03 times
- Qualified Institutional Buyers (QIBs) Subscription: 1.24 times
GMP and Investor Sentiment
The Grey Market Premium (GMP) for Garuda Construction has seen a significant dip, reflecting the lukewarm response from investors. As of the latest reports, the stock is commanding no premium in the unofficial market, indicating minimal listing gains.
How to Check Garuda Construction IPO Allotment Status
Investors who have applied for the Garuda Construction IPO can easily check their allotment status through two official platforms: BSE and Link Intime India, the IPO registrar.
Via BSE Website:
- Visit BSE Allotment Status
- Select “Equity” under the issue type.
- Choose “Garuda Construction and Engineering Limited” from the dropdown menu.
- Enter your application number and PAN card details.
- Click on “I am not a robot” and hit the Search button.
Via Link Intime India Website:
- Go to Link Intime India.
- Select Garuda Construction and Engineering in the IPO dropdown (if allotment is finalized).
- Choose the method to check (Application number, Demat Account number, or PAN ID).
- Select the application type: ASBA or Non-ASBA.
- Enter the details, complete the captcha, and click Submit.
What’s Next?
Garuda Construction’s shares are scheduled to be listed on BSE and NSE on October 15, 2024. Keep an eye on the Link Intime India website and BSE for the final allotment results.
About Garuda Construction
Founded in 2010, Garuda Construction offers comprehensive construction services across various sectors, including residential, commercial, industrial, and infrastructure. Despite a sluggish financial performance and the cyclical nature of its business, brokerage firms have shown a positive long-term outlook on the company due to its strong order book and diversified portfolio.
This IPO marks another significant milestone for Garuda Construction, as it continues to expand its presence in the Indian construction industry.
Stay tuned for the latest updates on Garuda Construction’s IPO and make sure to check your allotment status using the steps outlined above!
FAQs
1. What is the price band of the Garuda Construction IPO?
The price band for the Garuda Construction IPO is set between Rs 92-95 per share.
2. What is the lot size for the Garuda Construction IPO?
The minimum lot size is 157 shares, and investors can apply in multiples thereafter.
3. When will the Garuda Construction IPO allotment be finalized?
The allotment of shares is expected to be finalized on Friday, October 11, 2024.
4. How much did Garuda Construction raise from the IPO?
Garuda Construction raised a total of Rs 264.10 crore, which includes a fresh share issue worth Rs 173.85 crore and an offer-for-sale (OFS) of up to 95 lakh equity shares.
5. What is the Garuda Construction IPO subscription status?
The IPO was 7.55 times oversubscribed overall:
Retail investors: 10.81 times
Non-institutional investors (NIIs): 9.03 times
Qualified Institutional Buyers (QIBs): 1.24 times
6. How do I check my Garuda Construction IPO allotment status?
You can check the allotment status through the BSE website or Link Intime India, the IPO registrar. Detailed steps for both methods are provided above in the blog post.
7. What is the Grey Market Premium (GMP) for the Garuda Construction IPO?
As of now, the Grey Market Premium (GMP) is currently showing no premium, indicating a negligible listing gain.
