Globe Civil Projects Ltd.'s initial public offering was subscribed 15.27 times on its second day of bidding on Wednesday. On the first day, the IPO was subscribed 6.97 times, led by demand from non-institutional buyers.
Globe Civil Projects is raising nearly Rs 120 crore from this IPO from the primary market via a fresh issue. The company raised Rs 35.7 crore from anchor investors ahead of its IPO on Monday. Over 50 lakh shares were allotted to six anchor investors at Rs 71 apiece, according to a stock exchange filing.
Price Band
The price band for the offer is set in the range of Rs 67 to Rs 71 per share. The company will issue 1.67 crore shares, amounting to Rs 119 crore at a face value of Rs 10 each and no offer for sale component is available, according to the red herring prospectus.
Subscription Details
The Globe Civil Projects IPO was subscribed 15.27 times on Wednesday.
Qualified Institutions: 8.15.
Non-Institutional Buyers: 21.32 times.
Retail Investors: 16.74 times.
Catch all the latest IPO Live Updates of all five mainboard public issues open for subscription on June 25.
GMP
Globe Civil Projects is likely to deliver good listing gains as suggested by its grey market premium. As of 6:36 p.m., the GMP was at Rs 15, which indicates a Rs 86 apiece listing price.
Allotment of Globe Civil shares is proposed to be finalised on June 27. Successful bidders are expected to receive shares in their Demat accounts on June 30. Refunds will also be initiated for non-allottees on the same day.
Globe Civil IPO's listing date has been tentatively fixed as July 1. Shares of the company will be listed on both the NSE and BSE.
It should be noted that GMP, or grey market price, is not an official price quote for the stock and is based on speculation.
Disclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read the red herring prospectus thoroughly before placing bids.
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