Garuda Construction and Engineering IPO
Garuda Construction and Engineering Limited (GARUDA) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 15 October 2024.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +0.6% (likely range -4% to +12%), day's high +8.1%, chance of a gain 50%. Actual: +10.5% at the open, +27.4% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 60,04,862 | 74,71,316 | 1.24x | |
| NII (HNI) total | 41,70,000 | 3,76,69,952 | 9.03x | |
| Big NII (above ₹10 lakh) | 27,80,000 | 2,20,55,360 | 7.93x | |
| Small NII (₹2-10 lakh) | 13,90,000 | 1,56,14,592 | 11.2x | |
| Retail | 97,30,000 | 10,52,03,031 | 10.8x | |
| Total | 1,99,04,862 | 15,03,44,299 | 7.55x |
Bids on NSE and BSE together, as published by NSE, as of 10 Oct 2024, 07:00 PM. Shares offered exclude the anchor portion. 63% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Garuda Construction and Engineering's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| Apex Frozen FoodsAug 2017 | 1.91x | 7.82x | 8.53x | 6.14x | ₹152 Cr | +15.4% | +21.2% |
| Shriram PropertiesDec 2021 | 1.85x | 4.82x | 12.7x | 4.60x | ₹627 Cr | -23.7% | -9.8% |
| Veranda Learning SolutionsMar 2022 | 2.02x | 3.87x | 10.8x | 3.53x | ₹325 Cr | -8.8% | -4.2% |
| Barbeque-Nation HospitalityMar 2021 | 5.11x | 3.10x | 13.1x | 5.98x | ₹453 Cr | -2.0% | +17.6% |
| Tamilnad Mercantile BankSep 2022 | 1.62x | 2.94x | 6.48x | 2.86x | ₹808 Cr | -2.9% | +1.0% |
| UMA ExportsMar 2022 | 2.81x | 2.22x | 10.1x | 7.67x | ₹64.7 Cr | +11.8% | +17.4% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Corpwis Advisors | — | — | — |
Offer documents (NSE)
Frequently asked
What is the Garuda Construction and Engineering IPO price band and lot size? ₹90.0–95.0 per share, with a lot of 157 shares, so the smallest retail bid is ₹14,915.
How many times has it been subscribed? 7.55x overall: QIB 1.24x, NII 9.03x, retail 10.8x.
How did it list? It opened at ₹105, +10.5% against the issue price of ₹95.0, and closed its first day +12.0%.
