Globe Civil Projects shares to be listed on July 1 after 86 times subscription

Business Business: Shares of Globe Civil Projects will be listed on BSE and NSE on Tuesday, July 1, as the company’s Rs 119 crore initial public offering (IPO) received a strong response from investors with 86.03 times subscription. The Globe Civil Projects IPO, which was open between June 24 and 26, received bids for over 100 crore shares against 1.17 crore shares on offer. The public issue was fully subscribed on the first day of bidding. Despite the strong subscription numbers, analysts have advised investors to remain cautious. Mahesh M. Ojha, AVP – Research & Business Development at Hansex Securities Pvt Ltd, said the company could see a good listing due to high demand. “While the surge in listing is likely due to sentiment-driven demand, investors should proceed with caution,” he said.