The initial public offering (IPO) of Global Surfaces Ltd was subscribed 12.21 times on the last day of the offering on Wednesday. Bids were received for 9.46 crore equity shares against 77.49 lakh shares on offer. The company has fixed the price band 133-140 a share.
The Non-Institutional Investors (NII) portion was subscribed 33.10 times. The quota for Qualified Institutional Buyers (QIBs) was subscribed 8.95 times and the portion for Retail Individual Investors (RIIs) was subscribed 5.12 times.
According to market observers, global surfaces Shares earning premium (GMP) Of 18 in the gray market today. The shares of the company are expected to get listed on the leading stock exchanges BSE and NSE next week on Thursday, March 23, 2023. The finalization of the basis of share allotment is expected to take place on March 20, 2023. BigShare Services Private Limited is the Registrar to the Issue.
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.
The Global Surface IPO comprises issuance of 85.20 lakh equity shares and offer for sale (OFS) of 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.
Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. The company has 2 manufacturing units in Rajasthan. Unistone Capital is the sole book running lead manager to the issue.
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