According to the data, the investors made bids for 7.24 crore equity shares, compared to the 1.17 crore equity shares offered for the subscription by 4 pm on Tuesday, June 24. The three-day bidding for the issue, which opened on today, concludes on Thursday.
The allocation for retail investors was subscribed 5.14 times, while the portion reserved for non-institutional investors (NIIs) saw a subscription of 6.08 times. The quota set aside for qualified institutional bidders (QIBs) was booked 8.06 times.
The company is selling its shares in the range of ₹67-71 apiece and investors can apply for a minimum of 211 equity shares and its multiples thereafter. The issue will close for bidding on June 26.
The grey market premium for the Globe Civil Projects IPO stood at ₹15 per share. The latest GMP indicates a listing price of ₹86 per share at a premium of 21.13%, compared to the upper limit of the price band.
SBI Securities has a ‘neutral’ outlook on the IPO. However, P/E at 1.4 times as of Dec’24 is relatively higher than its peers. Company’s scale of operation is also very small which can impact financial performance if any project is stalled.
“Investors are advised to review the financial performance of the company post listing,” the brokerage said.
Canara Bank Securities also has a ‘Neutral’ rating, saying that investors with a long term view can consider the IPO.
Bajaj Broking has recommended investors to subscribe to the IPO for a medium to long-term perspective.
Globe Civil Projects is engaged in EPC and MEP projects and related services. Till FY24, its primary focus was on educational institute projects, but now has diverse activities. If marked de-growth in top and bottom lines for FY23. Based on its recent financial data, the issue appears fully priced. As of March 31, 2025, its order book stood at over ₹669 crore.
Ahead of the issue opening, the company has raised ₹35.7 crore from six institutional investors through the anchor book.
The IPO consists of solely fresh issue of 1.67 crore equity shares worth ₹119 crore at the upper price band.
Globe Civil Projects is seeking a valuation of ₹424 crore, and plans to utilise IPO proceeds for working capital requirement, and purchase of construction equipment or machineries. The remainder of the funds will be used for general corporate purposes.
The company has successfully executed projects across 11 states in India, including Uttar Pradesh, Haryana, Delhi, Maharashtra, Andhra Pradesh, Karnataka, Gujarat, Chhattisgarh, Rajasthan, Uttarakhand, and Himachal Pradesh.
Globe Civil Projects Limited has completed 37 projects. Currently, the company is working on 12 ongoing projects, including five social and commercial projects.
MEFCOM Capital Markets is the book-running lead manager of the Globe Civil Projects IPO, while Kfin Technologies is the registrar for the issue.
The allotment for the Globe Civil Projects IPO is expected to be finalised on June 27. Globe Civil Projects IPO will be listed on BSE, NSE with a tentative listing date fixed as July 1.
