Globe Civil Projects Ltd Surges in Market Debut

Globe Civil Projects Ltd shares soared by over 28% on their market debut, significantly surpassing the initial issue price. Listed on BSE and NSE, the company's IPO generated massive interest with an 86-times subscription. Proceeds will be used for working capital and purchasing construction equipment.

The shares of infrastructure development company Globe Civil Projects Ltd saw a significant jump of over 28% in their market debut on Tuesday, far exceeding the issue price of Rs 71.

On the Bombay Stock Exchange, the stock opened at Rs 91.10, marking a premium of 28.30% over its issue price. Similarly, the shares debuted at Rs 90 on the National Stock Exchange, indicating a robust rally of 26.76% from the issue price.

The company's market valuation has reached Rs 543.44 crore. The IPO of Globe Civil Projects was heavily oversubscribed by 86 times at the closing day of the bidding last Thursday. With an IPO raising Rs 119 crore and price range between Rs 67-71 per share, the company plans to use Rs 75 crore for working capital, Rs 14.26 crore for purchasing construction equipment, and the remaining for general corporate purposes.

(With inputs from agencies.)