Global Surfaces IPO fully subscribed, last day to bid today. Latest GMP
1 min read . Updated: 15 Mar 2023, 02:19 PM IST
Premium- Global Surfaces' IPO subscribed 1.09 times by the second day of the offer
Global Surfaces Ltd's Initial Public Offering (IPO) was fully subscribed on the second day of the offer on Tuesday. The issue received bids for 84.23 lakh equity shares against 77.49 lakh shares on offer that will conclude on Wednesday, March 15. The company has set a price band of ₹133-140 a share.
As of 2:15 pm on last day, the issue has been oversubscribed 6 times with retail investors' category booked over 3x, NIIs nearly 15x and QIBs over 5x, showed the BSE data.
As per market observers, Global Surfaces shares are commanding a premium (GMP) of ₹14 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.
At the upper end of the price band, the company is expected to fetch ₹155 crore from the initial share sale. 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.
“The company's operational revenue is primarily derived from export sales, with approximately 98% of revenues 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 lackluster. The asking P/E at the upper band of the issue price, based on FY22 metrics, is around 16x after accounting for the fresh issue. Small issue size, however, can generate a fancy for its subscription," said Abhay Doshi, Founder at UnlistedArena.
Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. The company has 2 manufacturing units in Rajasthan.
