The initial public offer (IPO) of liquor manufacturer Globus Spirits got subscribed 11 per cent on its first day of issue today, with a majority of demand coming from qualified institutional buyers (QIBs).

In total, the company has received bids for over 8 lakh shares, representing 0.11 times of the shares on offer, the latest data available with the National Stock Exchange (NSE) shows.

The Delhi-based firm has came out in the capital market with 75 lakh shares in the price band of Rs 90-100.

The public offer got a strong demand (18 per cent) from QIBs. Foreign institutional investors subscribed nearly 4 lakh shares, while domestic institutional investors subscribed 3 lakh shares.

Globus Spirits, which has operations mainly in Rajasthan, Haryana, Delhi and Chandigarh, plans to utilise the IPO proceedings for its expansion-modernisation projects.

At the upper end of the price band, the company expects to garner Rs 75 crore, while at the lower end it would raise Rs 67.5 crore.

Shares of Globus Spirits are proposed to be listed on the Bombay Stock Exchange and National Stock Exchange.

Keynote Corporate Services and SREI Capital Markets are the lead book managers for the offer, whereas Link Intime India is the registrar of issue. The issue closes on September 2.

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