It is a crowded week on Dalal Street, with four mainboard IPOs lining up for their debut. But among them, one small-cap contender is making outsized noise in the grey market—Globe Civil Projects.
As of 12:35 pm today, Globe Civil shares were commanding an impressive 18% premium over their IPO price of ₹71 in the unofficial market, the highest among this week’s four IPOs. Ironically, it also happens to be the smallest in terms of issue size, looking to raise just ₹119 crore via a pure fresh issue of 16.76 million shares. The offer opens on June 24, with the price band pegged at ₹67–71 per share.
The company is an engineering, procurement, and construction contractor which is into construction of infrastructure projects comprising of transport and logistics projects, and non-infrastructure projects comprising of commercial offices and housing. Globe Civil Projects also trade in goods such as TMT steel. Its revenue from construction project has increased to ₹2,932.67mn in FY24 at a compound annual growth rate 7.5% from FY22. Also, its revenue from trading in TMT steel grown at a CAGR of 10% between the same period.
HDB Financial: Big Ticket, Modest Pop
Meanwhile, the much-anticipated HDB Financial Services’ IPO is drawing attention but with subdued grey market enthusiasm. Shares were seen quoting at just an 8% premium ₹58 above the higher end of the IPO price of ₹740 today.
HDB Financial, a non-banking financial arm of HDFC Bank, is coming up with an IPO of Rs 12,500 crore, comprising of both fresh issue and offer for sale of equity shares. The issue consists of fresh issue of shares worth Rs 2,500 crore, while offer for sale of shares worth Rs 10,000 crore. The IPO is scheduled to open for subscription on June 25 and conclude on June 27.
The net proceeds from the fresh issue of shares will be utilised in augmentation of its Tier – I capital base to meet the NBFC’s future capital requirements including onward lending.
There is some heartburn in the unlisted space as investors who bought into HDB in the grey market earlier were jolted after the IPO price band came nearly 40% lower than its unlisted price on June 18.
Ellenbarrie and Kalpataru: Low Heat
The other two mainboard IPOs – Ellenbarrie Industrial Gases and Kalpataru – are seeing a premium of over 2% on their IPO price in the grey market.
Ellenbarrie is one of the oldest operating industrial gases companies in India, with a legacy of over 50 years, according to the company’s red herring prospectus. It manufactures and supplies industrial gases such as oxygen, carbon dioxide, acetylene, nitrogen, helium, hydrogen, argon and nitrous oxide, among others.
The company is coming up with an IPO comprising fresh issue of shares worth Rs 400 crore and offer for sale of 11.31mn shares. The issue will open this week on June 24.
Business operations of Ellenbarrie are highly concentrated as far as the end-industry is concerned. More than 67% of its revenue for FY25 came from clients in the steel industry, thus exposing it to risks of the steel industry, in particular.
Kalpataru, on the other hand, is a real estate development company. The company’s IPO which consists of fresh issue of shares worth Rs 1,590 crore, is set to open for subscription on June 24. Kalpataru is part of the Kalpataru group, which includes the listed company Kalpataru Projects. The real estate company has total 25 ongoing projects, with a total developable area of 24.83 million square feet.
