Garuda Construction IPO Subscribed 1.9 Times On Day 1

Garuda Construction and Engineering Ltd on Monday said it has raised Rs 75 crore from anchor investors.

The initial public offer of Garuda Construction and Engineering got fully subscribed with 1.91 times subscriptions on the first day on Tuesday.

The initial share sale received bids for 3,80,15,666 shares against 1,99,04,862 shares on offer, according to data available with the NSE.

The portion meant for Retail Individual Investors (RIIs) got subscribed 3.43 times while the quota for non-institutional investors received 1.10 times subscription. The category for Qualified Institutional Buyers (QIBs) attracted a mere 2 per cent subscription.