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Monday, March 20, 2023

Global Surfaces IPO sees 68% subscription, retail portion booked 94% on Day 2

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The Rs 155-crore public issue of Global Surfaces, the engineered quartz manufacturer, has received bids for 52.31 lakh equity shares against an offer size of 77.49 lakh shares, subscribing 68 percent on March 14, the second day of bidding.

So far retail investors as well as high net worth individuals provided the maximum support to the issue, buying 94 percent shares and 92 percent equity of the allotted quota, respectively. Qualified institutional buyers have bid for 1 percent shares of the portion set aside for them.

The maiden public issue of a company that was engaged in the processing of natural stones was subscribed 42 percent on its first day.

The offer comprises fresh issuance of 85.2 lakh shares and an offer-for-sale of 25.5 lakh shares by selling shareholders. The price band for the issue, which closes on March 15, has been fixed at Rs 133-140 per share.

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With fresh issue proceeds, Global Surfaces will provide finance to its subsidiary Global Surfaces FZE for setting up of a manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates.

Its shares in the grey market attract 10-20 percent premium over its upper price band of Rs 140 per share despite global cues-led sharp correction in equity markets, analysts said.

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