The IPO, which comprised a fresh issue of 1.68 crore shares, saw overwhelming demand across all investor categories, being subscribed a stellar 80.97 times overall. The non-institutional investor (NII) segment led the frenzy, subscribing 143.14 times, while Qualified Institutional Buyers (QIBs) followed with 82.13 times, and retail investors bid 53.67 times their quota.
The company had also raised Rs 35.70 crore from anchor investors ahead of the issue opening.
Globe Civil Projects plans to use the proceeds to fund working capital needs, purchase construction equipment, and for general corporate purposes. The funds are expected to support its expanding EPC and infrastructure project pipeline.
Based in New Delhi and operating since 2002, the company has executed projects across 11 Indian states. As of August 2024, it had 14 active projects with a total order book value of Rs 892.95 crore. These span sectors such as social and commercial infrastructure, transport and logistics, and housing.
Financially, Globe Civil Projects has shown consistent improvement, with profit after tax rising to Rs 18 crore in 9MFY25, compared to Rs 15.38 crore in FY24.Market experts expect a positive listing pop, driven by robust subscription numbers, healthy financials, and GMP support, though they advise investors to monitor post-listing stability as broader market sentiment remains mixed.MEFCOM Capital Markets acted as the book-running lead manager and Kfin Technologies as registrar to the issue.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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