Globtier Infotech IPO listing: Shares of Globtier Infotech were off to a poor start on the BSE SME on Tuesday, September 2, as they listed at a 20% discount to the initial public offering (IPO) price of ₹72. Globtier Infotech share price listed at ₹57.60 apiece, down ₹14.40, or 20%.
Soon after listing, Globtier Infotech shares extended losses to hit the 5% lower circuit of ₹54.72.
Globtier Infotech IPO Details
The demand for Globtier Infotech IPO also remained tepid, garnering just 1.34 times bids. The retail portion was booked 2.04 times, while the non-institutional investor (NII) quota did not even reach the target, receiving only 0.63 times subscription.
Globtier Infotech IPO was a fixed price issue of ₹31.05 crore, with the shares sold at ₹72 apiece. The issue was a combination of fresh share sale of ₹27.44 crore and an offer sale of ₹3.61 crore.
Globtier Infotech IPO ran for subscription from August 25 to August 28. The allotment for Globtier Infotech IPO was finalised on August 29.
Investors could apply for the Globtier Infotech IPO in lots of 1600 shares. Retail investors were required to apply for at least two lots, which necessitated an investment of at least ₹2,30,400.
The company plans to use the funds raised from the fresh share sale to fund the working capital needs of the company, repayment of certain loans availed by the company and general corporate purposes.
