The initial public offer of civil construction and infrastructure development company Globe Civil Projects was fully subscribed on the first day of bidding on Tuesday and finally ended the session with a 6.96 times subscription.
The ₹119-crore IPO received bids for 8,16,76,623 shares, against 1,17,32,392 shares on offer, as per NSE data.
The quota for non-institutional investors garnered 8.16 times subscription, and the category for qualified institutional buyers (QIBs) was subscribed 8.06 times. The portion for retail individual investors (RIIs) received 5.82 times the subscription.
The Initial Public Offer (IPO) of up to 1,67,60,560 equity shares has a price range of ₹67-71 per share.
The issue will close on June 26.
Its shares will be listed on the BSE and NSE.
Globe Civil Projects intends to utilise ₹75 crore of the IPO proceeds for funding working capital requirements, ₹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.