Globe Civil Projects Ltd Files for IPO to Boost Infrastructure Ventures

Engineering firm Globe Civil Projects Ltd has submitted papers to Sebi for an IPO aimed at raising funds for infrastructure and commercial projects. The offering involves 1.9 crore new shares, with proceeds allocated for working capital, equipment purchase, and general purposes. Promoters own 88.14% of the company.

Globe Civil Projects Ltd, a company specializing in infrastructure, transport, and logistics projects, has filed preliminary documents with Sebi for an initial public offering (IPO). The company plans to issue 1.9 crore fresh equity shares, without any offer-for-sale segment.

The projected listing on BSE and NSE aims to raise funds for various initiatives. Out of the IPO proceeds, Rs 75 crore is earmarked for working capital, Rs 14.06 crore for acquiring new equipment, and the remainder for general corporate purposes.

At present, promoters own 88.14% of the firm, leaving 11.86% in the hands of the public, including Chanakya Opportunity Fund I. As of August 2024, the company's order book stands at Rs 892.95 crore, and it reported revenues of Rs 332.16 crore in FY24, showing significant growth from Rs 233.34 crore in FY23.

(With inputs from agencies.)