Globus Spirits ends 10% lower to issue price

MUMBAI: Shares of Globus Spirits Ltd Wednesday closed at Rs 90 on the NSE, down 10% to its issue price of Rs 100 per share. The new listing recorded a high of Rs 111.70 against a low of Rs 89.50 during the day. Total traded quantity was 1,31,38,432 shares.

Globus had tapped the capital market on August 31 with a IPO of 75,00,000 shares of Rs 10 each in the Rs 90-100 per share price band. The issue was subscribed 1.5 times and the company fixed the issue price at Rs 100 per share.

Globus Spirits is engaged in the business of Indian made foreign liquor (IMFL), industrial alcohol and country liquor. The company plans to modernise and expand its production facilities at Behror, Rajasthan and Samalkha, Haryana. It also plans to develop and acquire IMFL brands.