Mumbai-Based Garuda Construction And Engineering Refiles DRHP For IPO To Fuel Expansion Plans

The Mumbai-based Civil Construction and Engineering firm, Garuda Construction and engineering Limited has refiled its refiled its Draft Red Herring Prospectus (DRHP) for its initial public offering (IPO). Prior to this move, the company had filed filed its DRHP in February 2024.

About the IPO Details

The IPO has a face value of Rs 5, which comprises a fresh issue of up to 18.30 million equity shares and an offer for sale of up to 9.50 million equity shares by PKH Ventures.

The offer is being made through the book-building process, with allocation set at 50 per cent for qualified institutional buyers, 15 per cent for non-institutional bidders, and 35 per cent for retail individual bidders.

Utilisation of the proceeds

The proceeds from the fresh issue, amounting to Rs 100 crore, will primarily fund the company's working capital requirements and general corporate purposes including unidentified inorganic acquisition.

Current Projects

The company currently manages 6 residential projects, 2 commercial projects, 1 industrial project, and 1 infrastructure with an aggregate order book of Rs 1,408.27 crores, of which the completed projects order value is Rs 546.87 crores.

Financial Performance

For fiscal 2022–23, the company’s revenue from operations reported an increased by 108.63 per cent to Rs 160.69 crore from Rs 77.02 crore in fiscal 2021–22. Similarly, the profit after tax increased 117.20 per cent from Rs 18.78 crore in fiscal 2022 to Rs 40.79 crore in fiscal 2023.