Globe Civil Projects IPO: Anchor Investors Pour In Nearly Rs 36 Crore

Global Civil Projects Ltd. on Monday raised Rs 35.7 crore from anchor investors ahead of its initial public offering. Over 50 lakh shares were allotted to six anchor investors at Rs 71 apiece, according to a stock exchange filing.

Chanakya Opportunities Fund I, a Category II Alternative Investment Fund (AIF) managed by StepTrade Share Services, was allotted 21% of the anchor portion.

Other investors include Malaysian investment bank Maybank, Benani Capital, Steptrade Capital, Lords Multigrowth Fund and Compact Structure Fund.

Globe Civil Projects is set to launch its IPO to raise nearly Rs 120 crore from the primary market via a fresh issue. The engineering, procurement and construction (EPC) company’s IPO is scheduled to open for subscription on June 24.

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.

The company plans to utilise the proceeds towards funding the capital expenditure requirements and for the purchase of equipment and machinery. It will also allocate funds for general corporate purposes.

As part of its plan to raise Rs 119 crore, the company will deploy Rs 75 crore towards funding its working capital requirements.

Mefcom Capital Markets Ltd. is the sole book-running lead manager of the offering, and KFIN Technologies is the registrar.

Shares of Globe Civil Projects will be listed on the BSE and the National Stock Exchange.

According to InvestorGain, the grey market premium (GMP) for the Globe Civil Projects IPO stood at Rs 15 apiece as of 3:50 p.m. on June 23. The latest GMP indicates a listing price of Rs 86 per share at a premium of 21.13%, compared to the upper limit of the price band.

Note: GMP does not represent official data and is based on speculation.