Globe Civil Projects IPO booked over 12 times so far on day 2; check lot size and key dates

Globe Civil Projects IPO: Civil construction and infrastructure development player Globe Civil Projects' initial public offering has been subscribed 12.17 times so far on Wednesday, the second day of bidding.

The ₹119 crore initial public offering has secured 14,27,67,664 bids compared to 1,17,32,392 shares on offer, according to the consolidated data on the National Stock Exchange (NSE) until 2:20 pm.

The part for retail investors attracted 13.05 times subscription, as they applied for 7,65,53,332 shares compared to 58,66,196 shares reserved for them.

The category for non-institutional investors (NIIs) was subscribed 15.53 times. They submitted applications for 3,90,36,055 shares as against 25,14,084 shares offer.

The qualified institutional buyers (QIBs) quota received 8.11 times the subscription, with bids for 2,71,78,277 shares compared to 33,52,112 shares reserved.

The initial share sale is a fresh issuance of 1,67,60,560 equity shares, with a price band of ₹67-₹71 per share. The minimum application size is 211 shares and in multiples thereof.

The issue will end on June 26.

Funds to the tune of ₹75 crore will be utilised for working capital needs and ₹14.26 crore for capital expenditure requirements. The remaining funds will be used for corporate general purposes and issue expenses.

The company has reserved half of the net offer for qualified institutional buyers, 35% for retail individual investors, and 15% for non-institutional investors.

Globe Civil Projects IPO: key dates

The basis of allotment of Globe Civil Projects is likely to be finalised on Friday, June 27. The listing on the stock exchanges – the NSE and the BSE – will occur on July 1.

On Monday, the company secured ₹35.7 crore from anchor investors, including Chanakya Opportunities Fund, Compact Structure Fund, Steptrade Revolution Fund, and Lords Multigrowth Fund.

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

Integrated engineering, procurement and construction company Globe Civil Projects specialises in infrastructure projects.