Home/ Markets / Ipo/  Global Surfaces IPO: Latest GMP as all eyes on shares listing after allotment

The finalisation of the basis of the share allotment of Global Surfaces Ltd's initial public offering (IPO) has been done and now all eyes are on the company's shares listing that is expected to debut this week. The issue was subscribed 12.21 times by the final day of the offer on Wednesday, March 15, 2023. The offer received bids for 9.46 crore equity shares against 77.49 lakh shares on offer. The company had set a price band of 133-140 a share.

As per market observers, Global Surfaces shares are commanding a premium (GMP) of 12 in the grey market today. The shares of the company are expected to list on leading stock exchanges BSE and NSE this week on Thursday, March 23, 2023.

Global Surfaces IPO comprised of 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 quota for Retail Individual Investors (RIIs) received 1.45 times subscription. The portion for Non-Institutional Investors (NIIs) got subscribed 1.65 times and the Qualified Institutional Buyers (QIBs) quota was subscribed a mere 4%. Unistone Capital is the sole book running lead manager to the issue.

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 profit after tax of 35.6 crore as compared to 34 crore in FY21.

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Updated: 21 Mar 2023, 01:52 PM IST
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