Globe Civil Projects shares listed at 27 percent premium on the National Stock Exchange (NSE) on July 1, following a bumper subscription of 86.03 times in the primary market between June 24 and 26.
Shares of Globe Civil Projects were listed at Rs 90 per share on the NSE, a premium of 26.76
percent over its issue price. The Rs 119-crore initial public offer (IPO) had a price band of Rs 67–71 per share. The total market cap of the company post listing of shares stood at Rs 536.28 crore.
On the BSE, the shares of the company were listed at Rs 91.10 per share, a premium of 23.24 percent.
The shares settled at Rs 94.5 per share on the NSE, up 33.1 percent.
The portion for non-institutional investors received a whopping 143.14 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 99.76 times. Retail Individual Investors (RIIs) part fetched 53.71 times subscription.
Globe Civil Projects IPO - Should you buy, sell or hold?
Mahesh M. Ojha, AVP – Research & Business Development at Hensex Securities Pvt Ltd, said the company may witness a decent listing backed by the high demand. "While listing gains are likely due to sentiment-driven demand, investors should approach with caution," he said.
"Those entering purely for short-term gains may consider exiting at a premium, whereas holding beyond listing would depend on further clarity about its business model, order book strength, and earnings potential," he added.
Globe Civil Projects Ltd intends to utilise Rs 75 crore of the IPO proceeds for funding working capital requirements, Rs 14.26 crore for capital expenditure towards the purchase of construction equipment/machinery and the remaining funds will be used for general corporate purposes and issue expenses, according to a company statement.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
Find the best of Al News in one place, specially curated for you every weekend.
Stay on top of the latest tech trends and biggest startup news.
