IPO Tracker : Garuda Construction and Engineering Limited

1. Company Overview

• Name: Garuda Construction and Engineering Limited

• CIN: U45400MH2010PLC207963

• Incorporation: Originally incorporated as a private limited company in 2010, it was converted into a public limited company in 2023.

• Registered Office: 201, A Wing, Fortune 2000 C -3 Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051, Maharashtra.

• Promoters: The company’s promoters include Pravinkumar Brijendra Kumar Agarwal, PKH Ventures Limited, and Makindian Township Private Limited.

• Business: Garuda Construction and Engineering Limited is primarily engaged in civil construction, including engineering, procurement, and construction (EPC) projects.

Here is a more detailed summary of the Red Herring Prospectus (RHP) for Garuda Construction and Engineering Limited, dated September 28, 2024:

2. Offer Details

• Total Offer Size: Up to 2,78,00,000 equity shares, with a face value of ₹5 each.

• Fresh Issue: Up to 1,83,00,000 equity shares.

• Offer for Sale: Up to 95,00,000 equity shares offered by the promoter, PKH Ventures Limited.

• Price Band : ₹92 to ₹95 per share

• Lot Size : 157 shares

3. Offer Structure of Garuda Construction IPO

The offer is being made according to the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (SEBI ICDR Regulations). Here's how the offer is divided:

• Qualified Institutional Buyers (QIBs): Not more than 50% of the offer, with up to 60% of this portion reserved for Anchor Investors.

• Non-Institutional Investors (NIIs): At least 15% of the offer. It is further subdivided into two categories:

  • One-third reserved for applicants bidding between ₹2,00,000 and ₹10,00,000.

  • Two-thirds reserved for those bidding for amounts above ₹10,00,000.

• Retail Individual Investors (RIIs): At least 35% of the total offer. Retail investors can bid at the cut-off price, which will be set by the company.

4. Key Dates

• Anchor Investor Bidding Date: October 7, 2024

• Offer Opening Date: October 8, 2024

• Offer Closing Date: October 10, 2024

• Listing: October 15, 2024

5. Financial Reports of the Company

Balance Sheet Summary (₹ in Lakhs)

Particulars	April 30, 2024	March 31, 2024	March 31, 2023	March 31, 2022
Assets
Property, plant & equipment	161.99	164.65	193.45	215.26
Capital work-in-progress	220.84	220.84	220.84	220.84
Other financial assets	791.85	791.85	1,030.89	977.17
Deferred tax assets	40.80	40.75	43.79	48.13
Inventories	738.01	738.01	660.46	270.00
Trade receivables	18,256.37	17,624.24	7,697.71	3,017.34
Cash and cash equivalents	37.17	50.73	484.60	688.39
Total Assets	23,484.04	22,848.53	17,634.96	11,103.42
Equity and Liabilities
Equity share capital	3,737.09	3,737.09	1,245.70	1,245.70
Other equity	8,513.72	8,163.55	7,015.48	2,933.34
Non-current liabilities	18.10	18.46	966.49	954.34
Current liabilities	11,215.13	10,929.44	8,407.29	5,970.04
Total Equity and Liabilities	23,484.04	22,848.53	17,634.96	11,103.42

Profit and Loss Summary (₹ in Lakhs)

Particulars	April 30, 2024	March 31, 2024	March 31, 2023	March 31, 2022
Revenue from Operations	1,187.50	15,417.83	16,068.76	7,702.08
Total Income	1,187.50	15,446.88	16,102.41	7,702.79
Total Expenses	719.55	10,481.90	10,593.69	5,224.41
Profit before tax	467.95	4,964.98	5,508.72	2,478.38
Profit after tax	350.17	3,643.53	4,079.53	1,878.22
EBITDA	470.81	5,008.56	5,599.17	2,716.85

Key Financial Ratios

• EBITDA Margin: 39.65% (2024), 32.49% (2023), 34.85% (2022)

• PAT Margin: 29.49% (2024), 23.63% (2023), 25.39% (2022)

• Earnings per Share (Basic & Diluted): ₹0.47 (April 2024), ₹4.87 (2024), ₹5.46 (2023), ₹2.51 (2022)

• Return on Net Worth: 2.86% (April 2024), 30.62% (2024), 49.38% (2023), 44.94% (2022)

• Net Asset Value per Share: ₹16.39 (April 2024), ₹15.92 (2024), ₹11.05 (2023), ₹5.59 (2022)

• Current Ratio: 1.85 (2024), 1.74 (2023), 1.36 (2022)

Cash Flow Summary (₹ in Lakhs)

Particulars	April 30, 2024	March 31, 2024	March 31, 2023	March 31, 2022
Net Cash (used in) / Generated from Operating Activities	(13.01)	(681.23)	1,225.57	1,291.68
Net Cash (used in) / Generated from Investing Activities	-	253.94	(211.30)	(115.65)
Net Cash (used in) / Generated from Financing Activities	(0.56)	(6.58)	(1,218.05)	(508.23)

6. Objects of the Offer

The net proceeds from the IPO fresh issue of Garuda Construction will be utilized for:

• Funding working capital requirements.

• General corporate purposes.

• Offer-related expenses.

7. General Information

• The company accepts responsibility for all the information provided in the RHP and has confirmed that it is accurate and does not mislead in any material respect.

• The company has received In-Principle approval from both BSE and NSE for the listing of its equity shares.