Globe Civil Projects shares jump over 33 pc in market debut

New Delhi, Jul 1 (PTI) Shares of civil construction and infrastructure development company Globe Civil Projects Ltd on Tuesday ended with a premium of over 33 per cent in market debut as against the issue price of Rs 71.

On the BSE, the stock was listed at Rs 91.10, a premium of 28.30 per cent against the issue price. Intra-day, it surged 33.80 per cent to Rs 95. Shares of the firm ended at Rs 94.72 apiece, up 33.40 per cent.

The company's stock made its market debut at Rs 90, rallying 26.76 per cent from the issue price on the NSE. It finally ended at Rs 94.46 a share, a jump of 33 per cent.

The company's market valuation stood at Rs 565.66 crore.

The initial share sale of Globe Civil Projects Ltd received a whopping 86 times subscription on the closing day of bidding on Thursday last week.

The Rs 119-crore initial public offering (IPO) had a price range of Rs 67-71 per share.

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. PTI SUM SUM SHW