Globe Civil Projects IPO Hits 86x Subscription

The IPO of Globe Civil Projects Ltd saw an overwhelming response, achieving 86.03 times subscription. The company plans to utilize Rs 75 crore for working capital, and additional funds for purchasing equipment. Shares will be listed on BSE and NSE.

The initial public offering (IPO) of Globe Civil Projects Ltd has garnered an astounding 86.03 times subscription by the closing day. Bidders showed robust interest, with subscriptions reaching 100,93,92,350 shares against 1,17,32,392 shares on offer, as per NSE data.

The demand was particularly high among non-institutional investors, who subscribed 143.14 times over their allocated portion, while Qualified Institutional Buyers (QIBs) saw a 99.76 times subscription. Retail Individual Investors (RIIs) contributed a significant 53.71 times subscription rate.

Globe Civil Projects Ltd plans to allocate Rs 75 crore from the IPO proceeds for working capital, Rs 14.26 crore for purchasing construction equipment, and the rest for general corporate purposes. The IPO consists of up to 1,67,60,560 equity shares priced between Rs 67-71 each, with shares set to be listed on the BSE and NSE.

(With inputs from agencies.)