The Garuda Construction IPO opened for bidding on October 8, 2024, aiming to raise ₹264 crore through a combination of fresh equity and offers for sale. However, the Grey Market Premium (GMP) for the IPO has seen a decline as of today, reflecting a shift in investor sentiment.
Garuda Construction IPO GMP Today
As of October 8, Garuda Construction IPO GMP today fell to ₹5, according to InvestorGain. With an IPO price band set between ₹92-95 per share, the estimated listing price is around ₹100, suggesting potential listing gains of just 5%. This modest premium indicates lower-than-expected excitement for the IPO on the NSE IPO market.
Subscription Status
By 11:45 a.m., the Garuda Construction IPO Subscription Status showed the public issue was 67% subscribed. While the retail quota reached 100% subscription, categories such as Qualified Institutional Buyers (QIBs) and Non-Institutional Investors (NIIs) lagged behind.
The IPO subscription is divided into the following categories:
- Retail Investors: 35% of the total issue size
- Qualified Institutional Buyers (QIBs): 50%
- Non-Institutional Investors (NIIs): 15%
At the upper end of the price band, the minimum subscription size for retail investors is ₹13,965, with a minimum lot size of 157 shares.
Key IPO Dates
- Garuda Construction IPO Allotment Date: October 11, 2024 (tentative)
- Garuda Construction IPO Listing Date: October 15, 2024 (tentative)
- Anchor Investor Participation: The company raised ₹75 crore from prominent anchor investors including AG Dynamic Funds, Trust Mutual Fund, Maybank Securities Pte Ltd, and North Star Opportunities Fund VCC.
Conclusion
While the Garuda Construction IPO has garnered attention in the IPO investment India space, the current GMP reflects a cautious investor sentiment. As the subscription process continues, the company’s IPO GMP and subscription status will be key factors to watch in the coming days.
Disclaimer
This article provides information about the Garuda Construction IPO and is intended for general informational purposes. Investments in IPOs carry inherent risks, and readers are advised to seek professional financial advice before making investment decisions.