The shares of Global Surfaces made a strong debut on the stock exchanges NSE and BSE on Thursday i.e. March 23. The shares listed among the 'T' group of securities as per exchange information. On BSE, Global Surfaces listed at Rs 163 apiece against the issue price of Rs 133-140 per share. The stock started its trading journey at Rs 164 apiece on NSE — a 17.1 percent premium to the issue price.
The initial public offer got subscribed 12.21 times on the last day of the offer. The category for Qualified Institutional Buyers (QIBs) got subscribed 8.95 times, the Retail Individual Investors (RIIs) portion received 5.12 times subscription and non-institutional investors 33.10 times.
Unistone Capital was the book-running lead manager for the issue.
The Rs 155 crore IPO consisted of fresh issuance of shares worth Rs 119.28 crore and an offer for sale of Rs 35.70 crore by the promoters. The company has stated that the fresh issue proceeds will be used for capital expenditure of subsidiary Global Surfaces FZE. Global Surfaces FZE will set up manufacturing facility for engineered quartz in Dubai.
Global Surfaces processes natural stones and manufactures engineered quartz and has two manufacturing facilities in Rajasthan.
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