Globe Civil Projects' initial public offering (IPO) received robust investor interest on the first day of opening as the public offering was fully subscribed within hours of opening.
According to data from the Bombay Stock Exchange (BSE), Globe Civil Projects IPO has been subscribed 1.15 times so far on Day 1. The retail portion witnessed strong buying interest and was booked 1.62 times, while the non-institutional investors (NII) portion was subscribed 1.60 times. As of 11:36 AM, the company has received bids for 1,38,99,414 shares against 1,17,32,392 shares on offer.
The Engineering, Procurement and Construction (EPC) firm is planning to raise ₹119 crore via the public offering, which comprises a fresh issue of 1.68 crore shares and no offer-for-sale (OFS). The bidding window will close on June 26, 2025 (Thursday) with the expected date of listing fixed for next week, July 1, 2025 (Tuesday).
The mainboard IPO's price band has been fixed between the range of ₹67 to ₹71 per share. Investors are required to bid for at least 211 shares or in multiples of 211 thereof. Retail investors need to bid for at least ₹14,137 for share allotment. Meanwhile, Mefcom Capital Markets Ltd. is the sole book-running lead manager of the IPO.
Globe Civil Projects IPO GMP
GMP or grey market premium indicates the price level at which the shares of the firm trade in the grey market before listing on the official bourses.
At 11:50 am, Globe Civil Projects shares were trading at a GMP of ₹15, commanding a premium of 21.13% in the grey market, as per investorgain.
The company will be using the funds for working capital requirements and general corporate purposes. A portion of the funds will also go towards funding capital expenditure for buying construction equipment and machinery. As of FY24, Globe Civil Projects' revenue figure stood at ₹334.81 as against ₹235.17 recorded in FY23.
