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Global Surfaces Limited IPO – Price, Lot size, Open date, GMP & Review

Written by - Marisha Bhatt

March 10, 2023 6 minutes

The latest company to join the list of IPOs in 2023 is Global Surfaces Limited which is in the business of processing natural stones and manufacturing engineering quartz.  

Global Surfaces Limited IPO was open for subscription on 13th March 2023 and closed on 15th March 2023. 

Here are all the essential details of Global Surfaces Limited IPO, including investment price band, allotment date, GMP, benefits, risks of investing in this IPO, and more.

Read More: The Signal-Decoding India’s manufacturing push 

IPO Details 

The key details of the Global Surfaces Limited IPO are as under. 

  1. IPO Size 

The size of the IPO and different categories of the issue are:

IPO Opening Date13th March 2023 
IPO Closing Date15th March 2023
ListingNSE, BSE
Issue TypeBook Built Issue IPO
Face Value of sharesRs. 10 per share
IPO Price BandRs. 133 – Rs. 140 per share
IPO SizeRs. 155 crores (11,070,000 shares)
Offer For SaleRs. 119 crores (8,520,000 shares)
Fresh IssueRs. 36 crores (2,550,000 shares)
  1. IPO Dates 

The important dates for the Global Surfaces Limited IPO are highlighted below:

Opening date13th March 2023
Closing Date15th March 2023
Allotment date20th March 2023
Refund Date21st March 2023
Share Credit Date22nd March 2023
Listing Date23rd March 2023
  1. IPO Lot Sizes 

Investors can subscribe to the shares of Global Surfaces Limited IPO in pre-defined lots. The details of the lot sizes for this IPO are mentioned below: 

Investments in lots (for retail investors)Minimum – 1 lotMaximum – 14 lots
SharesMinimum – 100Maximum – 1400
Investment amountMinimum – Rs. 14,000Maximum – Rs. 1,96,000
  1. IPO Reservation

The categories of eligible investors and their share in the IPO are tabled below:

Category of InvestorReservation Percentage
QIB (Qualified Institutional Buyers)50%
NII (Non-Institutional Bidders)15%
RII (Retail Individual Investors)35%

Global Surfaces Limited IPO GMP

As per market observers, Global Surfaces IPO commanded a grey market premium (GMP) of Rs. 18 as of the last day of IPO subscription. This was Rs. 8 higher from the previous grey market price of Rs. 10. Market observers are of the belief that Global Surfaces IPO GMP has improved towards the end of the subscription period. 

Global Surfaces Limited IPO Objectives

The key objectives of the IPO are stated below:

  1. The primary objective of the IPO is to utilise the proceeds towards investment in its wholly-owned subsidiary Global Surfaces FZE. The funds will be used for the part-financing of its capital expenditure requirements in relation to the setting up of the Proposed Facility.
  2. The balance proceeds will be used for general corporate purposes.  

Top things to know about Global Surfaces Limited IPO

Global Surfaces Limited was incorporated in 1991 and is in the business of processing natural stones and manufacturing engineered quartz. These natural stones are produced after complex geological processes and include products like granite, limestones, slate, marble, onyx, sandstone, quartzite, and more. The company has two units RIICO Industrial Area and Mahindra World City SEZ located in Jaipur, Rajasthan. The company has a sound national as well as international presence and its products have applications in flooring, wall cladding, countertops, cut-to-size, and other items. The exports of the company are in prominent countries like the United States of America, Canada, Australia, and the Middle East. 

Financials of the company

Global Surfaces Limited financials are given in the table below:

Year Total Assets (Rs. In crores)Operating Revenue (Rs. In crores)Profit after tax (Rs. In crores)Basic EPS(Rs.)Diluted EPS(Rs.)RONW

(Source: RHP)

Strengths of the company

Some of the key strengths of Global Surfaces Limited that investors can take note of are:

Business model The company has a wide product portfolio and multiple designs.The focus of the company is to identify new market trends and introduce high-quality products that are in demand. The company is self-reliant in the development of high-quality products. The in-house R&D facility of the company focuses on the development of good quality cost-effective engineered quartz
Customer baseThe company has an established presence in the domestic as well as global markets.

Risks of investment

Here are some of the risks that investors of Global Surfaces Limited IPO should know:

Business viability and profitabilityThe company is dependent on a few customers to meet a major part of its revenues.The company may face an adverse impact on its business, its net profits, and cash flow on account of restrictions on the import of raw materials and delay or default in customer payments.The company is dependent on third-party transportation providers for the supply of raw materials and finished goods delivery system. 
CompetitionThe company belongs to an industry that is quite fragmented and faces high competition from many large and small players. 

Global Surfaces Limited IPO Subscription

After the Global Surfaces Limited initial public offering (IPO) was subscribed 12.21 times, investors are now eagerly waiting for the Global Surfaces IPO allotment date.

Should you apply for Global Surfaces Limited IPO?

The company has a sound national and international market for natural stones and manufacturing engineered quartz. These markets are expected to grow at an average of 6% CAGR and the company is also backed by strong fundamentals. Investors can therefore consider this IPO for a long-term investment portfolio. 

How to apply for Global Surfaces Limited IPO?

Investors can invest in this IPO through the Fisdom app.

Global Surfaces Limited IPO FAQs

1. Where are the manufacturing units of Global Surfaces Limited located?

The two manufacturing and processing units of Global Surfaces Limited are located in Jaipur Rajasthan in RIICO Industrial Area, Bagru Extn, Bagru, and Mahindra World City SEZ, Jaipur.

2. What will be the post-issue shareholding pattern of Global Surfaces Limited?

The post-issue shareholding pattern of Global Surfaces Limited will be 73.36% approximately for the promoter group and a balance of 26.64% for the general public.

3. What is the operating revenue of Global Surface Limited’s listed peer?

Pokharna Limited is the only listed peer for Global Surface Limited and its operating revenue is more than 3 times of the latter. Pokharna Limited has an operating revenue of Rs. 650 Crores whereas Global Surfaces Limited has an operating revenue of Rs. 190 crores.

4. What was the revenue contribution of the top three customers of Global Surfaces Limited for FY 22?

The revenue contribution of the top three customers of Global Surfaces Limited for FY 22 was approximately 65.41%.

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