Globe Civil Projects IPO Oversubscribed by Over 15 Times
Globe Civil Projects' IPO was oversubscribed by 15.26 times on the second day, attracting bids for over 17 million shares against the 1.17 million on offer. The company plans to use the raised funds for working capital, machinery purchases, and other expenses, listing shares on BSE and NSE.
- Country:
- India
Globe Civil Projects', a leading civil construction and infrastructure company, has seen its Initial Public Offering (IPO) oversubscribed 15.26 times on the second day of bidding, highlighting high investor interest.
The Rs 119-crore IPO received bids for 17,90,07,336 shares, significantly exceeding the 1,17,32,392 shares available, according to data from NSE.
The funds, intended for working capital, capital expenditure on construction machinery, and corporate expenses, align with Globe Civil Projects' growth strategies, with shares set to list on BSE and NSE soon.
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