Highlights

  • Global Surfaces IPO Price band had been set between ₹133-140 per share
  • As per reports, shares are commanding a premium of ₹35 in the grey market
  • Company expected to list on March 23rd

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Global Surfaces IPO opens today till March 15th

Global Surfaces Ltd., a company that processes natural stones and creates tailored quartz, opened subscriptions for its initial public offering (IPO) on Monday, March 13, and it will run through till  Wednesday, March 15

Global Surfaces IPO opens today till March 15th

Subscriptions for the Global Surfaces Ltd IPO have opened today and will remain open until the 15th of March. The company, which processes natural stones and creates engineered quartz, had set its price band ₹133-140 per share.

The promoters, Mayank Shah and Sweta Shah, are selling up to 25.5 lakh equity shares through an offer for sale in addition to a new 85.20 lakh equity shares.

The money raised through the new issuance will go towards building the company's planned facility, Global Surfaces FZE, in Dubai.

“In terms of financial performance, the company reported total revenue of ₹198 crore for the fiscal year ended March 31, 2022, reporting an after-tax net profit of ₹35 crore. For the six months period that ended September 30, 2022, the company has reported revenue of ₹99 crore and profit after tax of ₹13.6 crore. Manish Khanna, Co-Founder at Unlisted Assets, told Mint.

The company is expected to raise Rs 155 crore from the IPO at the upper end of the price band.

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