Ahmedabad: City-based Globe Textiles (India) Ltd’s maiden IPO for listing on the NSE-EMERGE was oversubscribed 2.53 times at the end of the Issue closing day today. The IPO received bids for 68, 14,000 shares against the issue size of 26, 88,000 shares. Each equity share of face value Rs. 10 was priced at Rs. 51. The subscription constituted 1.50 times from HNI while the Retail subscription contributed 3.74 times.

The issue had combined offer of 13,68,000 fresh equity shares and an offer for sale of 13,20,000 equity shares by promoters Bhavik Parekh and Nilay Vora. Hem Securities Ltd. was the lead manager to the issue. The issue opened on June 12 and closed on June 15.

“We are overwhelmed by the faith shown in us by our investors and this will serve as a fillip for our future. We have robust plans to grow the brand value of Globe Textiles and hope to keep the trust shown in our abilities,” said Bhavik Parekh, Manager Director, Globe Textile (India) Ltd.

The net proceeds will be channelized to meet working capital requirement, will be utilized for general corporate purposes and meet issue expenses.