Home / Markets / Ipo /  Global Surfaces IPO: Latest GMP on day 2 of the issue. Check subscription status

The initial public offer (IPO) of Global Surfaces Ltd got subscribed 64% on the second day of subscription on Tuesday. Global Surfaces launched its issue for subscription on March 13 till Wednesday, March 15. The company has set a price band of 133-140 a share. At the upper end of the price band, the company is expected to fetch 155 crore from the IPO.

As of 11:50 am on the day 2, the issue has been subscribed 0.64 times with retail investors' category booked 0.90x, NIIs bid 0.90x, and QIBs 0.01x, BSE data showed.

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.

As per market observers, Global Surfaces shares are commanding a premium (GMP) of 15 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.

Global Surfaces IPO comprises fresh issuance of 85.20 lakh equity shares and an Offer For Sale 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 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 33.9 crore in FY21.

Half of the issue size has been reserved for qualified institutional buyers, up to 35% for retail investors and the remaining 15% for non-institutional investors. Unistone Capital is the sole book running lead manager to the issue. Bigshare Services Pvt Ltd is the registrar of the public offer.

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