Global Civil Projects Shares List At 28% Premium Over IPO Price; Time To Book Profits?
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The IPO was open for public subscription between June 24 and June 26. The Rs 119-crore IPO received an 80.97 times subscription.
Global Civil Projects Share Price: Global Civil Projects shares on Tuesday made a stellar debut with a premium of 28 per cent. The stocks listed on the BSE at Rs 91.10, above the issue price of Rs 71 per share. On the NSE, the stocks were listed at Rs 90 per share.
The IPO was open for public subscription between June 24 and June 26. The Rs 119-crore IPO received an 80.97 times subscription, garnering bids for 94,99,76,860 shares as against the 1,17,32,392 shares on offer. The retail and NII participation stood at 53.67 times and 143.14 times, respectively. Its qualified institutional buyer (QIB) category got an 82.13 times subscription.
The IPO price was fixed at Rs 71 per share.
The company's IPO is entirely a fresh issue of equity shares worth Rs 119 crore with no offer for sale (OFS) component. It proposes to utilise funds for working capital requirements, capex, and general corporate purposes.
The quota for non-institutional investors garnered 8.16 times subscription, and the category for qualified institutional buyers (QIBs) subscribed 8.06 times. The portion for retail individual investors (RIIs) received 5.82 times the subscription.
Globe Civil Projects Ltd intends to utilise Rs 75 crore of the IPO proceeds for funding working capital requirements, Rs 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.
' Investors were attracted by the company's solid track record of project execution, strong return ratios, and healthy profit margins. Despite the strong demand, the valuation is still considered reasonable. Overall, the strong subscription numbers and market interest suggest that the stock could is seeing good momentum on listing day, making it a promising option for both short-term gains and long-term investment in the infrastructure sector," Goel said.
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