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Global Surfaces IPO fully subscribed, last day to bid today. Latest GMP


Global Surfaces Ltd’s initial public offering (IPO) was fully subscribed for 1.09 times on Tuesday’s second day of the offering. The issue received bids for 84.23 lakh shares against 77.49 lakh shares closing on Wednesday, March 15. The company has set a price range of 133-140 per share.

According to market observers, Global Surfaces shares have a premium (GMP) of 14 in the gray market today. The company’s shares are expected to list on the leading exchanges BSE and NSE next week on Thursday, March 23, 2023.

At the higher end of the price range, the company is expected to pick up 155 crore from the initial share sale. Global Surfaces, which processes natural stone and manufactures engineered quartz, said Friday it has collected 46.49 crore from anchor investors ahead of the first share sale.

The Global Surfaces IPO includes a new issue of 85.20 lakh shares and an offer for sale (OFS) of up to 25.5 lakh shares by promoters – Mayank Shah and Sweta Shah. Funds raised through new issues will be used to set up the company’s proposed facility – Global Surfaces FZE – in Dubai.

“The company’s operating income is primarily derived from export sales, with approximately 98% of its operating income derived from exports during the period ended September 30, 2022. The company reported an EBITDA margin of 21.97% for FY2022, but top and bottom line growth has been subdued. The demand P/E in the upper band of the issue price, based on FY22 metrics, is about 16x after accounting for the new issue. However, a small expense can be attractive for the subscription,” said Abhay Doshi, founder of UnlistedArena.

Global Surfaces Limited is engaged in natural stone processing and engineering quartz manufacturing. The company has 2 production units in Rajasthan.

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Joanna Swanson

Joanna Swanson is Europe correspondent at the Thomson Reuters Foundation based in Brussels covering politics, culture, business, climate change, society, economies and inclusive tech. With specific focus in breaking news, she has covered some of the world's most significant stories.