IPO Update: Garuda and Shiv Texchem Prepare for October Launch
The cautious approach from investors comes after a significant correction in the equity market, suggesting that market participants are taking a more measured stance before committing capital
Garuda specialises in civil construction services across various sectors, including residential, commercial, and industrial projects.
The IPO market is indeed taking a breather this week after a busy period. Here’s a closer look at the upcoming IPOs and their significance:
Upcoming IPOs
Garuda Construction IPO
Subscription Dates: Opens on October 8
Fundraising: ₹173 crore through fresh equity and ₹90 crore via an offer for sale (OFS)
Price Range: ₹92 to ₹95 per share
Lot Size: 157 shares
Investor Allocation:
Retail: 35%
Qualified Institutional Buyers: 50%
Non-Institutional Investors: 15%
Use of Proceeds: ₹100 crore for working capital and general corporate purposes, including potential acquisitions.
Business Overview: Garuda specialises in civil construction services across various sectors, including residential, commercial, and industrial projects, as well as infrastructure and hospitality.
Shiv Texchem IPO
Subscription Dates: Opens on October 8
Fundraising: ₹101 crore entirely through fresh equity
Price Range: ₹158 to ₹166 per share
Lot Size: 800 shares
Business Overview: Shiv Texchem imports and distributes essential chemicals for various industries, aiming to meet the growing demand due to industrial growth in India.
SME Segment Debuts
Additionally, six companies from the SME segment will debut next week:
October 7: HVAX Technologies and Saj Hotels
October 8: Subam Papers and Paramount Dye Tec
October 9: NeoPolitan Pizza and Foods
October 11: Khyati Global Ventures
Market Context
The cautious approach from investors comes after a significant correction in the equity market, suggesting that market participants are taking a more measured stance before committing capital. The limited number of IPOs this week reflects this sentiment.
