Globtier Infotech's Shares Tank 20 Pc On Market Debut, Investors Suffer Big Losses

(MENAFN- IANS) Mumbai, Sep 2 (IANS) Shares of Globtier Infotech had a disappointing debut on the BSE SME platform on Tuesday as they listed at a sharp 20 per cent discount to their issue price.

The stock opened at Rs 57.60 against the IPO price of Rs 72, leaving investors with immediate losses of Rs 14.40 per share.

For those who invested the minimum two lots, the listing translated into a loss of around Rs 46,080.

Soon after listing, the stock extended its losses and hit the 5 per cent lower circuit at Rs 54.72.

The weak listing comes on the back of low investor interest during the IPO. Globtier Infotech's Rs 31.05 crore IPO, which was a mix of fresh issue and offer for sale, managed to get only 1.34 times subscription.

The retail portion saw decent demand and was subscribed 2.04 times, but the non-institutional investor quota remained underwhelming at just 0.63 times.

The IPO, priced at Rs 72 per share, had opened for subscription between August 25 and August 28, and the allotment was finalised on August 29.

Investors were required to apply for a minimum of two lots, or 3,200 shares, which meant a hefty investment of at least Rs 2.30 lakh.

The company had planned to use the proceeds from the fresh issue to meet working capital requirements, repay certain loans, and for general corporate purposes.

Based in Noida, Globtier Infotech is a managed IT and SAP support services provider.

The company delivers customised IT solutions to enhance business performance, with a business continuity planning (BCP) centre located in Bengaluru.

With its infrastructure and skilled team, Globtier says it aims to provide reliable and uninterrupted support to clients across industries.

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