Garuda Construction and Engineering Limited IPO: Essential Insights

IPO Details

  • Opening Date
  • Close Date
  • Allotment Date
  • Listing Date
  • Face Value
  • Issue Price
  • Market Lot
  • Total Issue Size
  • October 8, 2024
  • October 10, 2024
  • October 11, 2024
  • October 15, 2024
  • 5
  • 90 to 95
  • 157
  • 264.1
Garuda Construction and Engineering Limited IPO: Essential Insights
Financial
Directors
Contact

How to Analyze an IPO: A Comprehensive Guide for Investors

Overview

Garuda Construction and Engineering Limited is launching its highly anticipated Initial Public Offering (IPO), offering up to 2,78,00,000 equity shares at a face value of ₹5 each. This includes a Fresh Issue of up to 1,83,00,000 equity shares and an Offer for Sale of up to 95,00,000 equity shares by the promoter, PKH Ventures Limited. The IPO aims to raise capital for the company’s ongoing expansion plans, strengthen its financial position, and tap into India’s growing infrastructure development market.

Founded in 2010, Garuda Construction and Engineering Limited has evolved into a major player in the Indian construction sector. The company specializes in civil construction, engineering, and infrastructure projects, catering to both government and private sector clients. Their portfolio includes large-scale projects like highways, bridges, residential buildings, and commercial complexes. They have a proven track record of timely delivery, quality execution, and adherence to safety standards.

The IPO follows the Book Building Process and will be listed on both BSE and NSE. Retail investors, Qualified Institutional Buyers (QIBs), and Non-Institutional Investors (NIIs) can participate in the IPO. The price band and minimum bid lot for the IPO will be announced two days before the offer opening date.

Garuda’s promoters include Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited, and Makindian Township Private Limited, all of whom have significant industry expertise and resources. With India’s booming infrastructure sector, this IPO presents a strong investment opportunity for both retail and institutional investors looking for long-term growth.

Key dates to note: The IPO opens for bidding on October 8, 2024, and closes on October 10, 2024.

Investors are encouraged to review the Red Herring Prospectus carefully and consider the associated risks before making an investment decision.

Company Financial

Restated Summary Statement of Assets and Liabilities

Category As at June 30, 2024 As at June 30, 2023 As at March 31, 2024 As at March 31, 2023 As at March 31, 2022
ASSETS
Non-current assets
Property, Plant & Equipment 467.86 355.60 452.79 313.75 311.58
Right-of-use Assets 592.70 567.03 587.80 545.83 462.21
Goodwill 696.47 325.77 696.47 325.77 10.91
Other Intangible Assets 291.26 306.58 304.31 319.74 16.27
Investment in Associates 60.27 66.47 60.36 66.97 -
Financial Assets (Investments) 1,682.99 1,312.20 1,382.28 1,616.40 1,280.02
Other Financial Assets 96.22 109.93 94.89 80.54 57.30
Income Tax Assets 174.07 177.43 160.30 157.45 109.17
Other Assets 57.08 26.05 53.60 31.49 24.64
Total Non-current Assets 4,118.91 3,247.06 3,792.79 3,457.95 2,272.11
Current assets
Inventories 56.30 10.90 48.69 10.64 17.74
Financial Assets (Investments) 2,918.32 4,692.95 3,728.47 4,857.15 9,067.98
Trade Receivables 1,189.59 950.17 963.85 1,062.35 1,111.93
Cash and Cash Equivalents 836.49 1,220.26 887.05 832.52 1,096.13
Bank Balances Other than Cash 3.01 1.41 3.80 31.40 7.74
Other Financial Assets 906.96 734.71 826.80 651.87 319.85
Other Assets 311.66 329.42 277.97 376.77 512.25
Total Current Assets 6,222.33 7,939.81 6,736.63 7,822.70 12,133.63
Total Assets 10,341.24 11,186.87 10,529.42 11,280.65 14,405.74
EQUITY AND LIABILITIES
Equity
Equity Share Capital 3.81 2.66 3.01 2.66 0.86
Instruments Entirely Equity in Nature 15,090.76 15,562.54 15,573.26 15,562.54 15,562.54
Other Equity (7,649.58) (6,904.60) (7,784.81) (6,508.59) (3,296.49)
Total Equity 7,444.99 8,660.60 7,791.46 9,056.61 12,266.91
Non-current liabilities
Financial Liabilities (Borrowings) 154.61 - 95.98 - -
Lease Liabilities 470.88 477.34 467.06 444.58 408.67
Other Financial Liabilities 3.78 37.39 - 37.44 18.59
Contract Liabilities 28.77 - 29.01 - -
Provisions 40.34 38.76 39.11 38.49 27.72
Total Non-current Liabilities 698.39 553.50 631.16 520.51 454.98
Current liabilities
Financial Liabilities (Borrowings) 102.00 - 115.21 - -
Lease Liabilities 184.73 148.48 185.94 155.02 99.54
Trade Payables 989.47 879.94 880.90 873.17 956.14
Other Financial Liabilities 632.73 700.50 639.42 391.66 382.66
Contract Liabilities 16.18 28.36 20.93 35.04 22.69
Other Liabilities 189.41 133.27 185.67 166.69 162.22
Provisions 83.35 82.22 78.73 81.94 60.59
Total Current Liabilities 2,197.86 1,972.77 2,106.80 1,703.52 1,683.85
Total Liabilities 2,896.25 2,526.27 2,737.96 2,224.03 2,138.83
Total Equity and Liabilities 10,341.24 11,186.87 10,529.42 11,280.65 14,405.74

Statement of Profit and Loss

Category Three months ended June 30, 2024 Three months ended June 30, 2023 Year ended March 31, 2024 Year ended March 31, 2023 Year ended March 31, 2022
Income
Revenue from Operations 3,222.22 2,389.82 11,247.39 8,264.60 5,704.90
Other Income 87.89 119.83 386.96 449.86 414.88
Total Income 3,310.11 2,509.65 11,634.35 8,714.45 6,119.78
Expenses
Cost of Materials Consumed 7.77 14.36 61.08 72.00 51.05
Purchases of Stock-in-Trade 1,195.15 897.02 4,554.75 3,301.95 2,224.54
Changes in Inventories of Stock-in-Trade (7.55) (1.33) (11.63) 6.92 (7.55)
Employee Benefits Expense 589.19 485.78 2,012.16 2,129.82 1,708.49
Finance Costs 19.83 17.40 71.40 58.19 48.38
Depreciation and Amortisation Expense 121.67 91.30 420.59 285.79 170.09
Other Expenses
- Advertising and Sales Promotion 445.37 487.13 1,850.80 2,501.16 2,005.07
- Delivery and Related Charges 1,046.05 749.00 3,351.06 2,834.94 2,068.81
- Others 490.49 331.90 1,637.18 1,693.62 1,305.56
Total Expenses 3,907.96 3,072.56 13,947.38 12,884.40 9,574.45
Loss before Share of Loss of Associate, Exceptional Items, and Tax (597.85) (562.91) (2,313.04) (4,169.95) (3,454.68)
Share in Net Loss of Associate (0.09) (0.50) (6.61) (0.10) (1.02)
Loss before Exceptional Items and Tax (597.94) (563.41) (2,319.65) (4,170.05) (3,455.69)
Exceptional Items (13.07) (0.67) (30.59) (9.26) (173.20)
Loss before Tax (611.01) (564.08) (2,350.24) (4,179.30) (3,628.90)
Tax Expense
- Current Tax - - - - -
- Deferred Tax - - - - -
Total Tax Expense - - - - -
Loss for the Period/Year (611.01) (564.08) (2,350.24) (4,179.30) (3,628.90)
Other Comprehensive Income (OCI), Net of Tax
Items not Reclassified Subsequently to Profit/Loss 5.46 - 93.17 (9.59) -
- Re-measurement Gain/(Loss) on Defined Benefit Plans (0.23) 1.26 1.12 (3.28) (2.33)
Other Comprehensive Income/(Loss) for the Period/Year 5.22 1.26 94.29 (12.87) (2.33)
Total Comprehensive Loss for the Period/Year, Net of Tax (605.78) (562.83) (2,255.95) (4,192.17) (3,631.23)

Board of Directors of Company

Board of Directors for Garuda Construction and Engineering Limited

1. Pravinkumar Brijendra Kumar Agarwal
Managing Director and Chairman
DIN: 00845482

2. Mohit Kapoor
Whole Time Director
DIN: 10301044

3. Deepak Kumar
Non-Executive Director
DIN: 09292428

4. Priyanka Yadav
Independent Director
DIN: 08858855

5. Rajvirendra Singh Rajpurohi
Independent Director
DIN: 06770931

6. Venkateshkumar K Tirupatipanyam
Independent Director
DIN: 06770931【15:0†source】.

Company contact Details

Company Name: Garuda Construction and Engineering Limited
Corporate Identity Number (CIN): U45400MH2010PLC207963
Registered Office Address:
201, A Wing, Fortune 2000 C-3 Block,
Bandra Kurla Complex,
Bandra (East), Mumbai 400 051,
Maharashtra, India

Email: compliance@garudaconstructionengineering.com
Website: www.garudaconstructionengineering.com