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  1. Globe Civil Projects files draft IPO papers with SEBI for mainboard listing; check key details

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Globe Civil Projects files draft IPO papers with SEBI for mainboard listing; check key details

Upstox

2 min read | Updated on October 15, 2024, 12:45 IST

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SUMMARY

Globe Civil Projects's proposed IPO is completely a fresh issuance of 1.9 crore shares. According to the draft red herring prospectus with SEBI, there is no offer-for-sale (OFS) component.

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Globe Civil Projects is into the execution and construction of infrastructure projects.

Globe Civil Projects Ltd, an engineering, procurement and construction (EPC) company, has filed preliminary papers with the markets regulator, the Securities and Exchange Board of India, to raise funds via an initial public offering (IPO).

The initial share sale is completely a fresh issuance of 1.9 crore shares. According to the draft red herring prospectus with SEBI, there is no offer-for-sale (OFS) component.

The company's shares are proposed to be listed on the National Stock Exchange (NSE) and the BSE.

Globe Civil Projects IPO: Objective

The net proceeds from the IPO will be used for various purposes. The company would use ₹75 crore for funding the working capital requirement, ₹14 crore for capital expenditure, and the remaining for general corporate purposes.

Currently, promoters hold 88.14% stake in the company, while public shareholders, including Chanakya Opportunity Fund I, hold 11.86%.

Globe Civil Projects IPO: About the company

Globe Civil Projects executes and constructs infrastructure projects such as social and commercial projects as well as transport and logistics projects. As of August 31, 2024, it had an order book of ₹892.95 crore.

The company's revenue increased 42.3% to ₹332.16 crore in FY24 compared to ₹233.34 crore in FY23. Its profit after tax jumped 216.9% to ₹15.37 crore in the financial year 2023-24, as against ₹4.85 crore in the previous fiscal.

Mefcom Capital Markets Limited is the book-running lead manager, while KFin Technologies is the issue's registrar.

To learn more about IPO listings, schedules, and upcoming IPOs, visit our page.

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