Garuda Construction shares surge over 10% in market debut

New Delhi: Shares of Garuda Construction and Engineering Ltd on Tuesday jumped over 10 per cent in debut trade against the issue price of Rs 95.

The stock listed at Rs 103.20, a jump of 8.63 per cent from the issue price on the BSE. Later, it surged 15.55 per cent to Rs 109.78.

At the NSE, shares of the firm made the debut at Rs 105, up 10.52 per cent.

The company's market valuation stood at Rs 1,008.29 crore.

The initial public offering (IPO) of Garuda Construction and Engineering received 7.55 times subscription on the final day of the share sale on Thursday.

The initial share sale had a price band of Rs 92-95 per share.

The IPO was 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.

Proceeds from the 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, having an order book of Rs 1,408.27 crore.