The allotment of Globe Civil Projects shares is expected to be finalised today. All eyes are now on how the company is faring in the grey market and what it could mean for its debut on Dalal Street next week, on July 1.
Globe Civil Projects IPO: Grey market buzz
In the unofficial grey market, shares of Globe Civil Projects are currently trading at a premium of Rs 21 over the issue price. With the IPO’s upper band fixed at Rs 71, this indicates of a possible listing price of around Rs 92. This translates to a potential gain of nearly 30%.
It is further important to note that GMP (Grey Market Premium) is not a formal measure, it often reflects market sentiment ahead of the listing.
Globe Civil Projects IPO: Subscription status across all investor categories
Globe Civil Projects IPO, which ran from June 24 to June 26, saw a massive response, especially from non-institutional investors. By the end of Day 3, the issue was subscribed 80.97 times in total.
On the final day of bidding, retail investors subscribed to the issue 53.67 times, while Qualified Institutional Buyers (QIBs) put in bids 82.13 times the allotted quota. However, the most participation came from Non-Institutional Investors (NIIs), who subscribed a staggering 143.14 times.
Globe Civil Projects IPO snapshot: Price, size, and listing
The Rs 119 crore issue is entirely a fresh offer of 1.68 crore shares. The price band was set between Rs 67 to Rs 71, and investors had to apply for a minimum lot of 211 shares, requiring an investment of Rs 14,137. The IPO is managed by MEFCOM Capital Markets, while Kfin Technologies is the registrar.
About the Company
The company was founded in 2002, and is an integrated EPC (Engineering, Procurement, and Construction) player. It is based in New Delhi.
Furthermore, the company has a track record with 37 completed projects across 11 Indian states. As of now, it is handling 12 ongoing projects, including commercial and social infrastructure works.