IPO
Globe Civil Projects’ Rs.119-Cr IPO oversubscribed 86 times
The INR 119 crore IPO of New Delhi-based Globe Civil Projects received bids for 100.94 crore shares against 1.17 crore shares on offer, marking an 86 times oversubscription. The IPO hit the market with a price band of INR 67-71. Non-institutional investors subscribed 143.15 times, while the retail investors portion was subscribed 53.72 times and QIBs portion was subscribed 99.76 times.Globe Civil intends to use INR 75 crore of the IPO proceeds for funding working capital requirements and INR 14.26 crore for capital expenditure towards the purchase of construction equipment/machinery.
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