Global Surfaces shares list at premium over IPO issue price
Shares of Global Surfaces Ltd made their positive market debut on Thursday with the stock listing at ₹164 apiece on the NSE, a premium of more than 17% as compared to its IPO issue price of ₹140 per share. On the BSE, Global Surfaces shares started trading at ₹163 a piece.
Global Surfaces Ltd’s initial public offering (IPO) was subscribed 12.21 times by the final day of the offer on Wednesday, March 15, 2023. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer.
The portion for Non-Institutional Investors (NIIs) received 33.10 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 8.95 times and the Retail Individual Investors (RIIs) portion was subscribed 5.12 times.
Half of the issue size was reserved for QIBs, up to 35% for retail investors and the remaining 15% for NIIs. The company had set a price band of ₹133-140 a share.
The initial share sale comprised of fresh issuance of 85.20 lakh equity shares and an Offer For Sale (OFS) of up to 25.5 lakh equity shares by promoters – Mayank Shah and Sweta Shah. Funds raised through fresh issuance will be used for setting up the company’s proposed facility – Global Surfaces FZE – in Dubai.
Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. The company has 2 manufacturing units in Rajasthan. For FY22, the company posted a net profit of ₹35.6 crore as compared to ₹34 crore in FY21.
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