Global Surfaces delivered an impressive showing on its debut at the bourses on March 23, as the share price closed with a massive 22 percent rally, outshining equity benchmarks and broader markets. The Nifty50 and Nifty Midcap 100 indices closed with four-tenth of a percent losses today.
The stock remained positive throughout the session after opening at Rs 164, up 17 percent over the issue price of Rs 140 per share.
It touched an intraday high of Rs 172.20 and a low of Rs 156.10 on the NSE, before closing the session at Rs 171.05, up 22.18 percent.
The natural stones processing company traded with a volume of 55.86 lakh shares on the NSE, and 4.36 lakh shares on the BSE.
The initial public offering fetched Global Surfaces Rs 154.98 crore. Out of this, Rs 119.3 crore raised via fresh issue will be utilised for setting up a new unit for engineered quartz in Dubai.
The engineered quartz manufacturer already has two units in Rajasthan. The company earned most of its revenues from the export business.
Also read: Global Surfaces spikes on debut day. What should investors do?
This was the fourth listing in the current calendar year, after Radiant Cash Management Services, Sah Polymers and Divgi TorqTransfer Systems.