Global Surface IPO: GMP, share allotment, listing date details

Global Surfaces Ltd’s Initial Public Offering (IPO) was subscribed 12.21 times on the final day of the offer on Wednesday. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer. The company set a price band of 133-140 a share.

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.

As per market observers, Global Surfaces shares are commanding a premium (GMP) of 18 in the grey market today. The shares of the company are expected to list on leading stock exchanges BSE and NSE next week on Thursday, March 23, 2023. The finalisation of the basis of the share allotment is expected to take place on March 20, 2023. Bigshare Services Pvt Ltd is the registrar of the issue.

Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, on Friday said it has collected 46.49 crore from anchor investors ahead of its initial share sale.

Global Surfaces IPO comprises 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. Unistone Capital is the sole book running lead manager to the issue.

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