Global Civil Projects IPO – Live Update & Analysis

🚧 Global Civil Projects Ltd. IPO – Live Overview (June 24–26, 2025)

Global Civil Projects Ltd, a Delhi‑based EPC (Engineering, Procurement & Construction) company focused on urban infrastructure projects, launches its IPO today. Here's an in‑depth look at key details:

1. IPO Snapshot

• Subscription Window: June 24–26, 2025 :contentReference[oaicite:1]{index=1}
• Issue Size: ₹119 crore through a fresh issue of 1.67 crore equity shares :contentReference[oaicite:2]{index=2}
• Price Band: ₹67–71 per share :contentReference[oaicite:3]{index=3}
• Lot Size: 211 shares per lot (~₹14,981 at upper band) :contentReference[oaicite:4]{index=4}
• Listing Bourses: NSE & BSE, proposed listing on July 1, 2025 :contentReference[oaicite:5]{index=5}

2. Fund Utilization

• Working capital: ~₹75 cr
• Machinery purchases: ~₹14.3 cr
• Remaining for general corporate and strategic purposes :contentReference[oaicite:6]{index=6}

3. Grey Market Premium (GMP)

In the grey market, the IPO is trading at a premium of approximately ₹13–14, implying a possible listing price near ₹84 (≈18–21% premium over the upper band) :contentReference[oaicite:7]{index=7}.

4. Business Snapshot & Financials

This Delhi‑based EPC firm has executed over 55 projects and holds an order book exceeding ₹900 cr. FY24 revenue reached ₹334.8 cr, with PAT of ₹15.4 cr (+216% YoY) and EBITDA margin around 14.1%. Return on Equity stood at ~19.8% :contentReference[oaicite:8]{index=8}.

Key Performance Metrics (FY24)

Parameter	Value
Revenue	₹334.8 cr
Net Profit	₹15.4 cr
EBITDA Margin	14.1%
RoE	19.8%
Order Book	>₹900 cr

5. Anchor Book & Investor Sentiment

Anchor investors committed ~₹35.7 cr on June 23 (upper band), indicating institution-level interest :contentReference[oaicite:9]{index=9}.

6. Analyst Views

• Ventura Securities: ‘Subscribe’—citing strong execution record, profit margins, and potential from government‑led urban capex :contentReference[oaicite:10]{index=10}.
• SBI Securities: ‘Neutral’—valued at ~17.9× P/E and ~10.6× EV/EBITDA; flagged higher debt‑to‑equity (~1.4x), small scale, and reliance on government orders :contentReference[oaicite:11]{index=11}.
• Bajaj Broking: Likely ‘Subscribe’ with a long‑term outlook—FY25 P/E ~17.9×; valuation is “fully priced” but may suit informed long‑term investors :contentReference[oaicite:12]{index=12}.

7. Risk Considerations

• Concentration of revenue from government contracts (e.g., CPWD), raising dependency risk :contentReference[oaicite:13]{index=13}.
• Debt‑equity at ~1.4×—higher than peers :contentReference[oaicite:14]{index=14}.
• Potential execution delays affecting scaled-up order pipeline.

8. IPO Timeline

• Subscription ends: June 26, 2025
• Basis of allotment: June 27, 2025
• Refunds & credits: June 30, 2025
• Listing Date (est.): July 1, 2025 :contentReference[oaicite:15]{index=15}

9. Final Takeaways

Global Civil Projects presents a focused EPC business with significant government order backlog, improving margins, and a valuation in line with peers. Grey market performance suggests strong listing potential. Key risks include project concentration and leveraged capital structure. Long‑term investors may find prospects appealing, while short‑term upside depends on listing dynamics and subscription strength. No recommendations—strictly informational.

This content is for informational purposes only; it doesn’t constitute investment advice. Consult a financial advisor before making any investment decisions.