Garuda Construction and Engineering Ltd on Monday said it has raised Rs 75 crore from anchor investors, a day before its initial share-sale opening for public subscription. AG Dynamic Funds, Trust Mutual Fund, Maybank Securities Pte Ltd, North Star Opportunities Fund VCC, Resonance Opportunities Fund, Bridge India Fund, and Cognizant Capital Dynamic Opportunities Fund are among the anchor investors.
According to a circular uploaded on BSE website, Garuda Construction allocated 78,95,138 equity shares at Rs 95 apiece to seven funds.
The issue, with a price band Rs 92-95 per share, will open for public subscription on October 8 and conclude on October 10.
The initial public offering (IPO) is a mix of fresh issue of 1.83 crore equity shares and an offer of sale (OFS) of 95 lakh equity shares by promoter PKH Ventures.
The IPO size has been pegged at Rs 264 crore at the upper end of the price band.
Proceeds from its fresh issuance to the extent of Rs 100 crore will be utilised for working capital requirement; and balance towards general corporate purposes including unidentified inorganic acquisitions.
The Mumbai-based Garuda Construction is currently engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure, with an order book of Rs 1,408.27 crore.
On financial front, the company’s revenue from operations rose from Rs 77.02 crore in FY22 to Rs 154.18 crore in FY24, at a Compound Annual Growth Rate (CAGR) of 26 per cent, and profit after tax increased from Rs 18.78 crore in FY22 to Rs 36.43 crore in FY24, at a CAGR of 25 per cent.
Corpwis Advisors is the sole book running lead manager and Link Intime India is the registrar of the issue.
