Global Surfaces sets IPO price band at Rs 133-140 per share

Promoter Mayank Shah will sell upto 1.4 million shares while Sweta Shah will sell 1.15 million shares in the OFS. On the upper size of the price band, Global Surface plans to raise around Rs 154.98 crore.

Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, on Friday said it has set a price band of Rs 133-140 a share for its Initial Public Offering (IPO).

The initial share sale, which opens for subscription on March 13, will close on March 15, the company said in a statement. The IPO comprises fresh issuance of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares by promoters — Mayank Shah and Sweta Shah.

Funds raised through fresh issuance will be used for setting up the company’s proposed facility — Global Surfaces FZE — in Dubai. At the upper end of the price band, the company is expected to fetch Rs 155 crore from the IPO.

Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Unistone Capital is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and NSE.