New Delhi, Jun 24 (PTI) The initial public offer of civil construction and infrastructure development company Globe Civil Projects fully subscribed on the first day of bidding on Tuesday and finally ended the session with a 6.96 times subscription.

The Rs 119-crore IPO received bids for 8,16,76,623 shares against 1,17,32,392 shares on offer, as per NSE data.

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The quota for non-institutional investors garnered 8.16 times subscription, and the category for qualified institutional buyers (QIBs) 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 Rs 67-71 per share.

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The issue will close on June 26.

Its shares will be listed on 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)