The ₹119 crore initial public offering (IPO) of Globe Civil Projects Ltd has witnessed robust investor interest, with the issue being subscribed over 9 times by the second day of bidding, June 25, 2025. The Non-Institutional Investor (NII) segment led the charge, getting subscribed 11 times, while the retail portion crossed 9x and Qualified Institutional Buyers (QIBs) booked over 8x.
Grey Market Premium (GMP) Indicates Strong Debut
The IPO is commanding a grey market premium (GMP) of ₹14–₹15, translating to a potential listing price of ₹85–₹86, nearly 20% above the upper price band of ₹71. This signals strong secondary market expectations ahead of the tentative listing on July 1, 2025.
IPO Snapshot
- Issue Size: ₹119 crore (entirely fresh issue of 1.67 crore shares)
- Price Band: ₹67–₹71 per share
- Lot Size: 211 shares (₹14,981 minimum investment)
- Subscription Window: June 24–26, 2025
- Listing: BSE and NSE
- Lead Manager: Mefcom Capital Markets
- Registrar: Kfin Technologies
Anchor Book and Financials
Globe Civil Projects raised ₹35.7 crore from six anchor investors on June 23, including Chanakya Opportunities Fund and Lords Multigrowth Fund. The company reported a FY25 net profit of ₹15.38 crore on revenue of ₹334.81 crore, with a Return on Equity (RoE) of 21.95% and a debt-equity ratio of 1.6x.
Should You Subscribe?
Brokerages have issued mixed recommendations. While Bajaj Broking and Ventura suggest subscribing for the long term, citing a strong order book of ₹669 crore and healthy margins, SBI Securities and Canara Bank Securities maintain a neutral stance, flagging concerns over scale and debt levels.
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