Garuda Construction re-files DRHP for IPO

IPO: Mumbai-based civil construction and engineering firm Garuda Construction and Engineering Ltd has refiled its draft red herring prospectus (DRHP) for its initial public offering (IPO). Earlier, the company had filed its first DRHP in February 2024. About 90.50 lakh shares of face value of Rs 5 will be offered for sale, according to a filing by the company with the market regulator Securities and Exchange Board (SEBI). 50 per cent shares to institutional buyers In the information provided to the stock exchange, the company’s IPO offer is made through a book-building process in which more than 50 per cent of the offers are made to qualified institutional buyers. But allocation is not available on proportional basis. At least 15 percent of the offer will be reserved for non-institutional bidders and at least 35 percent of the offer will be reserved for retail individual investors. The company will use the IPO proceeds to fund working capital requirements of up to Rs 100 crore for general corporate purposes, including new issuance and undisclosed mineral acquisitions. Garuda plays a major role in the construction industry and is one of the leading companies in the construction industry. Industrial programs provide additional services. Civil construction includes residential, hospitality and industrial construction. It provides additional services to infrastructure and hospitality projects. Going abroad is cheaper and flying domestically is more expensive, know what the experts say, the company entered the hospitality industry in 2010. Garuda Construction started its journey in the hospitality industry in 2010 with the construction of Golden Chariot Vasai Hotel and Spa. Year 2014. Happened. In 2015, it completed a limited renovation and refurbishment of a boutique hotel, Golden Chariot, in association with its promoter, PKH Ventures. In 2017, Revali Park in Mumbai Metropolitan Region (MMR) started civil construction of residential buildings named Kandivali. In 2021, Delhi Police completed the construction of twin towers of seventeen (17) storeys each at the headquarters, the concessionaire being M. Fashion Brand India raised Rs 50 crore from investors. Garuda Construction re-filed DRHP for IPO.