Garuda Construction shares list at 10% premium over IPO price
The shares of Garuda Construction and Engineering listed at the bourses on Tuesday with a premium of 10%. The stock listed at Rs 105 on NSE as against an issue price of Rs 95. On the BSE, the shares listed at Rs 103.2.
The company’s financial performance was robust in FY23, however the election year in FY24 led to a slowdown in revenue and profit growth.
Analysts said the company’s key strengths include a strong order book and project diversification, which provide a stable revenue stream. Additionally, Garuda Construction and Engineering return on net worth is superior compared to its peers, despite operating in a cyclical industry.
“The IPO’s valuation was reasonable, but investors should carefully consider the cyclical nature of the…
