Garuda Construction IPO listing prediction: What does latest GMP suggest?

Shares of Garuda Construction IPO are expected to list on the BSE and NSE tomorrow; here's what the latest grey market premium indicates about the listing

Garuda Construction IPO listing price prediction: Following the successful bidding and allotment of the initial public offering of Garuda Construction and Engineering, the company's shares are expected to make their debut on the bourses tomorrow, October 15, 2024. Garuda Construction IPO, which opened for subscription on Tuesday, October 8, 2024, got a decent response from investors, getting subscribed by 7.55 times by the final day of subscription on October 10, 2024. 

Retail Individual Investors (RIIs) bid for the highest 10.81 times, followed by Non-Institutional Investors (NIIs) at 9.03 times, and Qualified Institutional Buyers (QIBs) at 1.24 times. The basis allotment of Garuda Construction IPO shares was finalised on Friday, October 11, 2024. 

Garuda Construction IPO grey market premium(GMP)

Ahead of the listing, the grey market premium of the Garuda Construction IPO turned flat, sources tracking grey market activities revealed. Garuda Construction IPO's today GMP has fallen from Rs 5, recorded on October 8, when the issue opened for subscription. These current GMP trends indicate a flat or lacklustre listing of Garuda Construction shares on bourses.

Garuda Construction IPO details

Available at a price band of Rs 92-95 and a lot size of 157 shares, Garuda Construction IPO comprised a fresh issue of 18,300,000 shares and an offer for sale of 9,500,000 shares with a face value of Rs 5 each. 

Link Intime India is the registrar for Garuda Construction, while Corpwis Advisors is the sole book-running lead manager for the public issue. 

Garuda Construction has received reviews from several brokerages, including Anand Rathi Research and Arihant Capital Markets. READ MORE

About Garuda Construction and Engineering 

Garuda Construction and Engineering is a leading Indian infrastructure development company specialising in construction, engineering, and procurement services. With a strong presence across various sectors, including transportation, energy, and industrial projects, the company delivers innovative solutions and quality projects. The company handles hiring contractors/manpower, procurement of materials, lab testing, carrying out construction activities as per approved plans, and finally handing over the project as per the agreed terms. Additionally, they are involved in sectors pertaining to civil construction services.