India's Garuda Construction surges 27% in debut trade

Garuda Construction and Engineering

15/10/2024 09:03

** Garuda Construction and Engineering  GARR.NS  soars as
much as 27.4% to 120.99 rupees on its first day of trading 
    ** Stock opened at 103 rupees, nearly 11% higher than its
IPO price of 95 rupees 
    ** GARR's IPO consisted of up to 18.3 mln shares for fresh
issue and up to 9.5 mln equity shares 
    ** IPO proceeds will be used for general corporate purposes
and unidentified acquisitions 
    ** Co's IPO was oversubscribed by 7.6 times, as per exchange
data 
    ** Analysts at KR Choksey Research said co's P/E ratio is
slightly above peers, adding that co is well positioned to
benefit from India's growing industrial, residential, and
commercial demand  
    ** Stock last up 19% 
    

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))