New Delhi, Jun 26 (PTI) The initial share sale of civil construction and infrastructure development company Globe Civil Projects Ltd received a whopping 86.03 times subscription on the closing day of bidding on Thursday.

The Rs 119-crore initial public offer (IPO) got bids for 100,93,92,350 shares against 1,17,32,392 shares on offer, according to data available with the NSE.

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The portion for non-institutional investors received a whopping 143.14 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 99.76 times. Retail Individual Investors (RIIs) part fetched 53.71 times subscription.

The initial share sale of Globe Civil Projects was fully subscribed on the first day of bidding on Tuesday.

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The IPO of up to 1,67,60,560 equity shares had a price range of Rs 67-71 per share.

Its shares will be listed on the BSE and NSE.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)