Globe Civil Projects share price gains 5% after strong listing, jumps 33% from issue price. Buy, sell or hold?
Globe Civil Projects shares was listed at a premium of 28.3 per cent. The stock opened at ₹ 91.10 on the BSE and ₹ 90 on the NSE.
The IPO of Globe Civil Projects, featuring a fresh issue of 1.68 crore shares, witnessed an overwhelming response from all investor categories, with an overall subscription of 80.97 times.
The Non-Institutional Investor (NII) segment led the demand with a subscription of 143.14 times, followed by Qualified Institutional Buyers (QIBs) at 82.13 times, and retail investors at 53.67 times.
The funds raised through the IPO will be utilized to address the company's working capital needs, acquire construction equipment, and meet general corporate expenses. This capital will support the expansion of Globe Civil Projects' EPC and infrastructure ventures.
Harshal Dasani, Business Head INVasset, PMS, said that Globe Civil Projects debuted with an impressive listing premium, signaling investor confidence in the infrastructure theme and the company's expanding footprint in EPC contracting.
Dasani further went on to say that at listing, the stock trades at around 19–20× trailing earnings, which appears reasonable given its scale and pipeline. However, the business is not without risk.
' The listing premium indicates market appetite for growth-focused EPC stories. The next leg will depend on Globe Civil's ability to execute efficiently and scale without stretching its balance sheet,' Dasani said.
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