Shares of Global Surface Ltd made their positive market debut on Thursday with stock listing 164 on the NSE, a premium of over 17% over its IPO issue price 140 per share. Global Surface shares open for trading on BSE 163 One Piece.
global surfaces Ltd.’s Initial Public Offering (IPO) was subscribed 12.21 times by the last day of the offer on Wednesday, March 15, 2023. Offers were received for 9.46 crore equity shares against 77.49 lakh shares on offer.
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.
Half the issue size was reserved for QIBs, up to 35% for retail investors and the remaining 15% for NII. The company had fixed a price band of 133-140 a share.
The initial share sale included 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. For FY22, the company posted a net profit of 35.6 crore as compared to 34 crore in FY21.
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