Globe Projects IPO subscribed 11x on day 2 so far, Kalpataru & Ellenbarrie lag; check latest GMPs

Three mainboard IPOs- Kalpataru, Ellenbarrie Industrial Gases and Globe Civil Projects- opened for bidding on Tuesday, June 25, are giving an opportunity to investors to try their luck in the primary market. All three IPOs are running through their second day of the bidding. EPC player Globe Civil Projects continued to see a strong interest, while other two were lagging over muted bidding.

Globe Civil Projects, which was booked nearly 7 times on day, was subscribed nearly 11 on day two as of 1 pm, on the back of a strong bidding from all categories of investors. QIBs portion was booked 8.07 times, while allocations for NIIs and retail investors saw subscription for 13.71 times and 11.36 times, respectively..

Globe Civil Projects is selling its shares in the price band of Rs 67-71 apiece. Investors can apply for a minimum of 211 shares and its multiples thereafter. It is looking to raise Rs 119 crore via IPO, which is entirely a fresh share sale of up to 1,67,60,560 equity shares.

On the other hand, issues of Kalpataru and Ellenbarrie Industrial Gases was subscribed only 20 per cent and 18 per cent, respectively as of the given time on day 2. For Kalpataru, NIIs and retail portions were booked 56 per cent and 28 per cent respectively. Retail portion in Ellenbarrie IPO was booked 26 per cent, while NIIs allocation saw 24 per cent bids. QIB portions of both IPOs did not see any bids.

Kalpataru is eyeing to raise a total of Rs 1,590 crore via IPO, by selling its shares in the price band of Rs 387-414 apiece, with a lot size of 36 shares. The issue is entirely a fresh sale of 3,84,05,797 equity shares. Ellenbarrie Industrial Gases is offering its shares in the range of Rs 380-400, with a lot size of 37 shares, to raise Rs 852.53 crore. It includes a fresh share sale of Rs 400 crore and OFS of 452.53 crore.

The strong response for Globe Civil Projects IPO is following its strong grey market premium (GMP), where it is currently exchanging hands at Rs 12-15 apiece, suggesting strong gains of 17-21 per cent to the investors. However, Kalpataru is commanding a GMP of Rs 9 apiece, while Ellenbarrie Industrial Gases is trading at Rs 24-26 apiece. Their GMP stood at Rs 5 and Rs 7 a day ago.