Global Surfaces shares list at 17% premium. Buy, sell or hold?
1 min read 23 Mar 2023, 10:43 AM ISTGlobal Surfaces shares made its debut on BSE at ₹163 apiece whereas on NSE it opened at ₹164 per equity share
PremiumGlobal Surfaces IPO listed at Indian bourses today at a strong premium in special opening session today. Global surfaces share price today opened at BSE at ₹163 per share whereas on NSE, it opened at ₹164 per share, delivering to the tune of near 17 per cent premium to the lucky allottees who got Global surfaces shares through allotment process. According to stock market experts, market is highly volatile and hence one should book profit in the stock and re-enter once the stock becomes available at its price band of ₹133 to ₹140 apiece once again.
Speaking on Global Surfaces share price listing, Anuj Gupta, Vice President — Research at IIFL Securities said, "Market is highly volatile and it is dictated by global indicators, especially overnight triggers. So, my suggestion to Global Surfaces IPO allottees is to book profit and exit. They can re-enter in the scrip once the stock comes around ₹130 to ₹140 range." Those who missed to get Global Surfaces shares through allotment can also buy the scrip in ₹130 to ₹140 apiece range.
Echoing with Anuj Gupta's views, Parth Nyati, Founder of Tradingo said, "Global Surfaces Limited is engaged in processing natural stones and manufacturing engineered quartz with a wide product portfolio and multiple designs. Shares debut at a 17 per cent premium over the issue price. The current market is volatile, we will not recommend a fresh buy as recently there has been a decline in its margin and, secondly, the company is in a very competitive segment and most of its revenues are derived from exports only. So, allottees who applied for the public offering for listing premium are advised to maintain their stop loss below the issue price."
See NSE tweet below:
Global Surfaces Ltd's initial public offering (IPO) 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 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.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
