Globe Civil Projects shares jump over 28 pc in market debut

Globe Civil Projects Ltd made a strong market debut, with shares jumping over 28% on the BSE and NSE against the IPO price of ₹71. The ₹119-crore IPO was oversubscribed 86 times, reflecting high investor demand and strong listing gains

New Delhi: Shares of civil construction and infrastructure development company Globe Civil Projects Ltd on Tuesday jumped over 28 per cent in market debut as against the issue price of Rs 71. On the BSE, the stock listed at Rs 91.10, a premium of 28.30 per cent against the issue price.

Shares of the firm made their market debut at Rs 90, rallying 26.76 per cent from the issue price on the NSE. The company’s market valuation stood at Rs 543.44 crore.

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The initial share sale of Globe Civil Projects Ltd received a whopping 86-times subscription on the closing day of bidding on Thursday last week.

The Rs 119-crore initial public offering (IPO) had a price range of Rs 67-71 per share.

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.