The initial public offer (IPO) of Global Surfaces received bids for 84,23,700 shares as against 77,49,000 shares on offer, according to stock exchange data at 17:00 IST on Tuesday (14 March 2023). The issue was subscribed 1.09 times.

The issue opened for bidding on Monday (13 March 2023) and it will close on Wednesday (15 March 2023). The price band of the IPO is fixed at Rs 133-140 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

The IPO comprises offer for sale (OFS) of 25,50,000 equity shares (14,00,000 equity shares by Mayank Shah and 11,50,000 equity shares by Sweta Shah, both promoter shareholders) and the fresh issue of 85,20,000 equity shares.

Of the net proceeds from the fresh issue, the company proposes to utilize about Rs 90 crore towards investment in Global Surfaces FZE (a wholly owned subsidiary) for part-financing its capital expenditure requirements in relation to the setting up of manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates. The balance amount will be utilized for general corporate purposes.

Post IPO, the shareholding of Mayank Shah will stand at 55.46% and that of Sweta Shah will be 5.66%.

Ahead of the IPO, Global Surfaces on Friday, 10 March 2023, raised Rs 46.49 crore from anchor investors. The board allotted 33.21 lakh shares at Rs 140 each to 3 anchor investors.

Global Surfaces is engaged in processing natural stones and manufacturing engineered quartz. Its products find application in the flooring, wall cladding, countertops, cut-to size and other items and are used in both commercial and residential industry. The company sells its products both within and outside India.

The operating units of the company are located at Jaipur, Rajasthan, with Unit I located at Riico Industrial Area at Bagru and Unit II at Jaipur Mahindra World City SEZ. The company currently has a processing/manufacturing capacity of 4,71,164 sq m (square meters) and 5,21,643 sq m of natural stones and engineered quartz, respectively.

The company reported a net profit of Rs 13.59 crore and net sales of Rs 97.98 crore for the six months ended on 30 September 2022.