Globe Civil Projects Ltd Shares Skyrocket on Market Debut

Globe Civil Projects Ltd shares surged over 33% on their market debut, exceeding the issue price of Rs 71. With listing prices reaching Rs 91.10 on the BSE and Rs 90 on the NSE, the company's valuation hit Rs 565.66 crore. The IPO was oversubscribed 86 times.

Shares of Globe Civil Projects Ltd soared on their first day of trading, ending with a significant premium of over 33% compared to the issue price of Rs 71.

The stock debuted at Rs 91.10 on the BSE, marking a 28.30% premium against the issue price and climbed to Rs 95 intra-day, closing at Rs 94.72 apiece, a gain of 33.40%.

On the NSE, it opened at Rs 90, demonstrating a 26.76% rally from the issue price, concluding at Rs 94.46 a share, up 33%. The company's IPO saw overwhelming demand, subscribed 86 times with plans to utilize proceeds for working capital and capital expenditure. The company's market valuation reached Rs 565.66 crore.

(With inputs from agencies.)