Subscriptions for Global Surfaces’ initial public offering (IPO) open today (March 13). The company processes natural stone and manufactures engineered quartz. The company has two manufacturing plants in Rajasthan. Subscriptions for this issue will end on Wednesday, March 15.

The Global Surfaces IPO includes a new issue of 85,20,000 shares and an offer for sale (OFS) of up to 25,500,000 shares by promoters Mayank Shah and Sweta Shah. Funds raised through the new issue will be used to establish the company’s proposed facility in Dubai.

Global Surfaces shares are reportedly trading at a grey market premium (GMP) of Rs 35 at present.

According to the BSE, the issue had been subscribed 0.04 times by 10:40 am on Monday, 0.08 times by the retail investor category and 0.01 times by the NII.

Global Surfaces IPO has set a price range of Rs 133-140 per share. Investors can bid for 100 shares in 1 lot and multiples thereafter. At the upper end of the price range, the company expects to fetch Rs 155 crore from the IPO.

The company’s shares are expected to be listed on the BSE and NSE on March 23, 2023. If GMP remains unchanged, the company’s shares may be listed at Rs 175 per share.

The company’s total revenue for FY2022 is Rs 198 crore. Its net profit after tax was Rs 35 crore. In September 2022, the company recorded a revenue of Rs 99 crore and a profit of Rs 13.6 crore.