Mumbai: Garuda Construction & Engineering Limited is coming out with its Initial Public Offering (IPO), priced at between Rs 92 and Rs 95 per Equity Share – aggregating totally Rs 264 crores — opening on October 8, 2024 and closing on October 10, 2024.

Pravin Agarwal, Managing Director, GCEL, said here recently that the net proceeds from the fresh issuance will be utilized through Rs 100 crore going towards working capital requirements, and the balance for general corporate purposes including unidentified inorganic acquisitions.

Describing the company as being into +niche+ projects. Agarwal highlighted one such project –the ‘iconic’ Delhi Police Headquarters – being constructed within five years, while being situated in a Hi-Security Zone barely 500 metres from the Indian Parliament.

“We are concentrating on niche projects across India without a topline being our focus, and are also into backward integration also through operations and maintenance services, mechanical, electrical and plumbing services and finishing works as part of our construction services,” he said, adding that the company is maintaining the ‘Delhi Police Headquarters’ building for the period of 13 years.

He said the company is engaged in civil construction of six residential projects, two commercial projects, one industrial project and one infrastructure with an orderbook of Rs 1,408.27 crore.

Garuda Constructions Revenue from Operations grew from Rs 77.02 crore in Fiscal 2022 to Rs 154.18 crore in Fiscal 2024, at Compound Annual Growth Rate (CAGR) of 26.03%, and Profit After Tax increasing from Rs 18.78 crore in Fiscal 2022 to Rs 36.43 crore in Fiscal 2024 at a CAGR of 24.72%.

For the one month ended April 2024, Revenue from Operations stood at Rs 11.87 crore and Profit after Tax stood at Rs 3.50 crore.

Corpwis Advisors Private Limited is the sole book running lead manager, and link Intime India Private Limited is the registrar to the issue.