Global Surfaces files draft red herring papers with SEBI for IPO

29 Jun 2022 , 10:10 AM

Global Surfaces Ltd- engineered Quartz stone manufacturer & suppliers in India has filed introductory papers with Sebi to mop up funds through an initial public offering (IPO).

According to the filed DRHP (draft red herring prospectus), the IPO comprises fresh issuance of 85.20 lakh equity shares and an offer-for-sale (OFS) of up to 25.5 lakh equity shares by promoters i.e. Mayank Shah and Sweta Shah.

In addition to the filed DRHP, the funds raised through fresh issuance of equity shares will be used for setting up the company’s proposed facility- Global Surfaces FZE, located in Dubai.

For FY22, the company reported a profit after tax of Rs35.63 crore as compared to Rs33.93 crore in FY21 and its total income was at Rs198.35 crore as against Rs179 crore in FY21.

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.