The initial public offering (IPO) of Global Surfaces was subscribing 42 percent, getting bids for 32.75 lakh equity shares from investors against the IPO size of 77.49 lakh shares on March 13, the first day of bidding.
It is the second public issue to be launched in the calendar year 2023 after auto ancillary company Divgi TorqTransfer Systems.
Retail investors bought 60 percent of their allotted quota, while the high networth individuals bid for 9.46 lakh equity shares against their reserved portion of 16.6 lakh shares.
Qualified institutional buyers bid for only 1 percent of the shares sets aside for them.
The natural stones processing company is planning to raise Rs 155 crore from its public offer, at the upper end of the price band of Rs 133-140 a share.
The issue comprises a fresh issuance of shares worth Rs 119.3 crore and an offer for sale of Rs 35.70 crore. The company mobilised Rs 46.49 crore from three anchor investors on March 10. Hence, the issue size has been reduced to 77.49 lakh equity shares against the offer size of 1.1 crore shares.
50 percent is reserved for retail investors, 28.57 percent for QIBs, and rest for HNIs.
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The engineered quartz manufacturer will use fresh issue proceeds for part-financing the capital expenditure of its subsidiary, Global Surfaces FZE, for setting up a manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates (UAE), the red herring propsectus said.
The offer closes on March 15.
Global Surfaces has clocked a 5 percent growth in profit at Rs 35.63 crore for the financial year ended March FY22 compared to the previous year. Revenue from operations during the same year rose nearly 11 percent to Rs 198.4 crore.
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