Globe Civil Projects IPO Sees Strong Initial Surge
Globe Civil Projects' IPO was fully subscribed on its first day, reaching 6.96 times the subscription by the closing session. The company plans to use the funds for working capital, construction equipment, and corporate expenses. The shares will be listed on BSE and NSE.
- Country:
- India
Globe Civil Projects' initial public offering (IPO) witnessed a remarkable reception as it was fully subscribed on the first day of bidding, closing at a robust 6.96 times subscription on Tuesday.
The Rs 119-crore offering attracted bids for 8,16,76,623 shares, substantially surpassing the 1,17,32,392 shares available, according to NSE data.
The substantial demand came from various categories of investors, with non-institutional investors leading with an 8.16 times subscription, followed closely by qualified institutional buyers at 8.06 times, and retail individual investors at 5.82 times. The IPO, priced at Rs 67-71 per share, is set to close on June 26. Post-IPO, Globe Civil Projects aims to allocate Rs 75 crore towards working capital, Rs 14.26 crore for construction equipment, and the remainder for corporate endeavors. The shares will be listed on both BSE and NSE.
(With inputs from agencies.)
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- Globe Civil Projects
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- construction
- investment
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- BSE
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