Globe Civil Projects IPO gets fully subscribed on day 1 of bidding

The initial public offer of civil construction and infrastructure development company Globe Civil Projects fully subscribed on the first day of bidding on Tuesday and finally ended the session with a 6.96 times subscription.

The ₹119-crore IPO received bids for 8,16,76,623 shares against 1,17,32,392 shares on offer, as per NSE data.

The quota for non-institutional investor garnered 8.16 times subscription, and the category for qualified institutional buyer (QIBs) subscribed 8.06 times. The portion for retail individual investors (RIIs) received 5.82 times the subscription.

The Initial Public Offer (IPO) of up to 1,67,60,560 equity shares has a price range of ₹67-71 per share.

The issue will close on June 26.

Its shares will be listed on BSE and NSE.

Globe Civil Projects Ltd intends to utilise ₹75 crore of the IPO proceeds for funding working capital requirements, ₹14.26 crore for capital expenditure towards the purchase of construction equipment/machinery and the remaining funds will be used for general corporate purposes and issue expenses, according to a company statement.