Globe Civil Projects Files Draft Papers With SEBI For IPO

Engineering, procurement and construction company Globe Civil Projects Ltd on Tuesday said it has filed preliminary papers with markets regulator Sebi to raise funds through an initial public offering. The initial public offering (IPO) is entirely a fresh issue of 1.9 crore equity shares with no offer-for-sale component, according to the DRHP filed with Sebi. The company plans to list the shares on BSE and NSE.

The company would utilise Rs 75 crore of the IPO proceeds for funding working capital requirements, Rs 14.06 crore as capital expenditure towards the purchase of equipment, and the rest for general corporate purposes, Globe Civil Projects said in a statement. Promoters hold an aggregate of 88.14 per cent shareholding in the company, while 11.86 per cent is held by public shareholders including Chanakya Opportunity Fund I.

Globe Civil Projects is into the execution and construction of infrastructure projects such as transport and logistics projects and social and commercial projects. Its order book was Rs 892.95 crore as of August 31, 2024. GCPL reported revenue from operations of Rs 332.16 crore in FY24, as against Rs 233.34 crore in FY23. Its profit after tax was Rs 15.37 crore in FY24, as against Rs 4.85 crore in FY23.

(PTI)