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Globe Civil Projects IPO Day 1: Subscription nears 5x, QIBs lead demand
Globe Civil Projects IPO Day 1 subscription status: The initial public offering (IPO) of the integrated Engineering, Procurement, and Construction (EPC) company, Globe Civil Projects, was fully subscribed on the first day of subscription.
According to data from the National Stock Exchange (NSE), the mainline issue received bids for 5,80,91,043 shares against 1,17,32,392 shares on offer, leading to a subscription of around 4.95 times as of 2 PM on Tuesday, June 24.
The demand was led by Qualified Institutional Buyers (QIBs) who subscribed to the portion booked for them 8.05 times, followed by Non-institutional investors at 3.84 times, and retail investors portion was subscribed at 4.87 times.
Globe Civil Projects IPO GMP
Last checked, the unlisted shares of Globe Civil Projects were commanding a grey market premium (GMP) of ₹15 or 21.13 per cent and trading at ₹86 compared to the issue price of ₹71, according to sources tracking unofficial markets.
Globe Civil Projects IPO review
Analysts have shared mixed views on the Globe Civil Projects IPO. While the analysts at Bajaj Broking recommend well-informed investors to invest from the medium-term perspective, SBI Securities has maintained a neutral view on the stock.
"The company's scale of operations is very small, which can impact financial performance if any project is stalled. Investors are advised to review the financial performance of the company post listing," SBI Securities said in its note. READ MORE ALSO READ:
Globe Civil Projects IPO details
The New Delhi-based company aims to raise ₹119 crore through the public issue comprising a fresh issue of 16.8 million equity shares. There is no offer for sale (OFS) component.
The subscription window to bid for the Globe Civil Projects shares will close on Thursday, June 26. Once the subscription window is closed, the basis of allotment of shares is expected to be finalised on Friday, June 27. The company will make its debut on the bourses, NSE and BSE, tentatively on Tuesday, July 1, 2025.
The company has set the price band in the range of ₹67 to ₹71 and the lot size for an application is 211 shares per lot. A retail investor would require a minimum investment amount of 14,981 to bid on one lot at the upper price band.
Kfin Technologies is the registrar of the issue. MEFCOM Capital Markets is the sole book-running lead manager.
According to the red herring prospectus (RHP), the company plans to use the net issue proceeds to meet working capital requirements and purchase construction equipment and machinery, as well as general corporate purposes.
About Globe Civil Projects
Globe Civil Projects is an integrated engineering, procurement, and construction (EPC) company headquartered in New Delhi. The company has undertaken projects in eleven states of India including Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand and Himachal Pradesh. The company is involved in the execution and construction of infrastructure projects comprising transport and logistics projects, social and commercial projects and non-infrastructure projects comprising commercial offices and housing.
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