On the BSE, Global Surfaces shares started trading at Rs 163 apiece.
New Delhi: Global Surfaces Ltd’s shares have made a positive debut on Thursday. The stock price has been listed at Rs 164 apiece on the NSE, a premium of more than 17 per cent as compared to its IPO issue price of Rs 140 per share. On the BSE, Global Surfaces shares started trading at Rs 163 apiece.
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The IPO of Global Surfaces Ltd was subscribed 12.21 times by the final day of the offer on Wednesday, 15 March 2023. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer.
While the portion for Non-Institutional Investors (NIIs) received 33.10 times subscription, the Retail Individual Investors (RIIs) portion was subscribed 5.12 times and the quota for Qualified Institutional Buyers (QIBs) got subscribed 8.95 times.
QIBs enjoyed half the issue size reserved for them, about 35 per cent was reserved from retail investors and the remaining 15 per cent for NIIs. The company had set a price band of Rs 133-140 a share.
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In the initial share sale, there was a 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 Rs 35.6 crore as compared to Rs 34 crore in FY21.
