Garuda Construction shares to debut today. GMP indicates flat listing
Garuda Construction will debut on the exchanges on Tuesday. Going by the grey market trends, the stock is expected to see a negative to flat listing. The IPO received a decent subscription of 7.5 times amid strong demand from retail investors.
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 industry and the potential impact of market volatility on the company's performance,» said Shivani Nyati, Head of Wealth, Swastika Investmart.
Also Read: Hyundai Motor IPO: Premium pricing leaves little room for listing gains in India's largest offering
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