Globe Civil Projects IPO Day 3 LIVE: Issue subscribed 15.27x so far. Check GMP. Should you apply or not?
Globe Civil Projects IPO Day 3 LIVE: The public offering for Globe Civil Projects was entirely subscribed on the opening day of bidding, Tuesday, June 24. The response from investors for the civil construction and infrastructure development firm has been exceptionally positive, showing strong subscription figures. The offering period concludes today, Thursday, June 26.
Globe Civil Projects Limited is a full-service Engineering, Procurement, and Construction (EPC) company situated in New Delhi.
The firm has successfully executed projects in 11 states throughout India, including Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh. As of August 31, 2024, the company's total order backlog stands at ₹ 8,929.45 million, covering 14 different projects.
According to the red herring prospectus (RHP), the company's listed competitors include B L Kashyap and Sons Ltd (with a P/E ratio of 29.57), Ceigall India Ltd (with a P/E ratio of 12.88), PSP Projects Ltd (with a P/E ratio of 20.38), Capacit'e Infraprojects Ltd (with a P/E ratio of 20.56), and Ahluwalia Contracts (India) Ltd (with a P/E ratio of 16.41).
The Globe Civil Projects price band has been fixed in the range of ₹ 67 to ₹ 71 per equity share of the face value of ₹ 10. The Globe Civil Projects IPO lot size is 211 equity shares and in multiples of 211 equity shares thereafter.
Globe Civil Projects IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
Tentatively, Globe Civil Projects IPO basis of allotment of shares will be finalised on Friday, June 27, and the company will initiate refunds on Monday, June 30 while the shares will be credited to the demat account of allottees on the same day following refund. Globe Civil Projects share price is likely to be listed on BSE and NSE on Tuesday, July 1.
Globe Civil Projects IPO subscription status is 15.27 times on day 2, so far. The retail portion was subscribed 16.74 times, and NII portion has been booked 21.32 times, Qualified Institutional Buyers (QIBs) portion has received 8.15 times bids.
The company has received bids for 17,91,18,955 shares against 1,17,32,392 shares on offer, at 17:00 IST, according to data on BSE.
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