Global Surface IPO fully subscribed, last day for bidding today Latest GMP

According to market observers, Global Surface shares are earning a premium (GMP) Of 14 in gray market today. The shares of the company are expected to get listed on major stock exchanges BSE and NSE next week on Thursday, March 23, 2023.

At the upper end of the price band, the company is expected to receive 155 crore from the initial share sale. Global Surface, which is into processing natural stones and manufacturing engineered quartz, said on Friday that it has collected 46.49 crore from anchor investors before its initial share sale.

Global Surface IPO This includes issuance of 85.20 lakh equity shares and offer for sale (OFS) of up to 25.5 lakh equity shares by the promoters – Mayank Shah and Sweta Shah. The funds raised from the fresh issue will be used to set up the company’s proposed entity – Global Surface FZE – in Dubai.

“The company’s operating revenue is primarily derived from export sales, with approximately 98% of revenue from operations coming from exports during the period ended September 30, 2022. The company reported an EBITDA margin of 21.97% for FY2022, but its top- and bottom-line growth has been sluggish. The call P/E at the upper band of the issue price based on FY22 metrics is around 16 times after accounting for the fresh issue. Abhay Doshi, founder of UnlistedArena, however, said the small issue size could create a fantasy for its membership.

Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. The company has 2 manufacturing units in Rajasthan.