The allotment for the initial public offering (IPO) of Garuda Construction and Engineering is set to be finalized today, following a less enthusiastic response from investors compared to recent public issues in the market. The IPO, which opened for bidding on October 8 and closed on October 10, aimed to raise ₹264.10 crore. It received an overall subscription of 7.55 times, indicating moderate interest from various investor categories.
Specifically, the retail segment showed a notably stronger response, achieving a subscription rate of 10.81 times, which reflects a positive sentiment among individual investors. In contrast, the Qualified Institutional Buyers (QIB) category was subscribed 1.24 times, while the Non-Institutional Investors (NII) category experienced a subscription of 9.03 times. Despite these figures demonstrating a reasonable level of engagement, the overall muted interest reflects a shift in investor sentiment, particularly against the backdrop of recent IPO performances that had generated much excitement in the market.
Investors who participated in the Garuda Construction and Engineering IPO can easily check their allotment status online through two primary channels: the BSE (Bombay Stock Exchange) website or the website of Link Intime India Private Ltd., the registrar for this IPO. The process for checking the allotment status is straightforward and user-friendly, ensuring that investors can obtain the information they need with minimal hassle.
To check their allotment status on the BSE website, investors will need to navigate to the relevant IPO allotment section and select 'Garuda Construction and Engineering Limited' from the available list. They will then be required to input their application number and PAN card ID, followed by a confirmation that they are not a robot through a Captcha verification. After submitting this information, they will be able to view their allotment status seamlessly.
For those opting to check via Link Intime India Private Ltd., the procedure is similarly uncomplicated. Investors will begin by visiting the Link Intime India website, selecting 'Garuda Construction and Engineering,' and then choosing the option to check their status using their Application Number, Demat Account, or PAN. They will enter the necessary details along with the Captcha and then click on the 'SUBMIT' button to retrieve their allotment status efficiently.
Investors can anticipate receiving notifications or alerts regarding the debit of funds from their accounts or the revocation of their IPO mandate either over the upcoming weekend or by Monday, October 14. This timely communication is crucial for investors as they navigate the post-allotment process.
Regrettably, the grey market premium (GMP) for Garuda Construction and Engineering has seen a notable decline, which is indicative of the subdued investor interest in this particular IPO. Current reports suggest that the company is not commanding any premium in the unofficial market, raising concerns about the potential for listing gains for investors. This lack of excitement could impact the trading dynamics as the shares are poised to enter the market.
The shares of Garuda Construction and Engineering's IPO are scheduled to be listed on both the BSE and NSE (National Stock Exchange), with the tentative listing date set for Tuesday, October 15, 2024. Investors will be closely monitoring market reactions on this day, particularly in light of the current lack of enthusiasm surrounding the IPO. The performance of the shares upon listing will provide valuable insights into broader market sentiment and investor confidence in the company moving forward. As the listing date approaches, stakeholders will be keen to observe how Garuda Construction and Engineering positions itself in a competitive landscape, especially given the mixed signals from the investor community leading up to this significant milestone.
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