Shares of Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, made a smart debut on the exchanges on Thursday, listing with a premium of over 17 per cent against the issue price of Rs 140.
The stock made its debut at Rs 163, higher by 16.42 per cent from the issue price on the BSE. It further rallied 22.25 per cent to Rs 171.15. On the NSE, shares of the company began the trade at Rs 164, a jump of 17.14 per cent.
The initial share sale of Global Surfaces Ltd was subscribed 12.21 times on the final day of the offer on Wednesday last week.
The company’s IPO had a fresh issuance of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares. Global Surfaces had set a price band of Rs 133-140 a share for its Initial Public Offering (IPO). The initial share sale opened for subscription on March 13 and ended on March 15.
Funds raised through fresh issuance will be used for setting up the company’s proposed facility — Global Surfaces FZE — in Dubai.
Global Surfaces Limited operates in the business of processing natural stones and manufacturing engineered quartz. The company owns two manufacturing units in Rajasthan. For FY22, Global Surfaces reported a profit after tax of Rs 35.6 crore, showcasing a steady growth compared to Rs 34 crore in FY21. The funds raised through the fresh issuance will be utilized for setting up the company’s proposed facility, Global Surfaces FZE, in Dubai.
The company will offer 1,10,70,000 equity shares through the IPO, with 85,20,000 being fresh equity shares and 25,50,000 offered for sale by existing shareholders. The IPO is structured with 50 per cent reserved for qualified institutional buyers (QIBs), 35 per cent for retail individual investors (RIIs), and 15 per cent for non-institutional investors (NIIs).
The funds raised will be partially invested in the company’s wholly-owned subsidiary, Global Surfaces FZE, to finance its capital expenditure for setting up a production facility in JAFZA, Dubai. The money will also be used for general corporate purposes and to support the company’s growth goals, including expanding product lines and global reach.
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