Global Surfaces Limited, a company engaged in processing natural stones and manufacturing engineered quartz’ initial public offer is opening for subscription from March 13-15. The company has fixed the price band at Rs 133-144 per share. Investors who want to invest in the IPO should apply in a lot size of 100 shares.
The IPO comprises fresh issue up to 8,520,000 equity shares and an offer for sale of 2,550,000 shares. The promoters of the company, Mayank Shah and Swati Shah are offloading 14,00,000 and 11,50,000 equity shares.
The company has reserved 50% of the issue size for QIB, 15% for HNI and 35% for retail investors.
It has two units, one located at RIICO Industrial Area, Bagru Extn, Bagru, Jaipur, Rajasthan, and the other at Mahindra World City SEZ, Jaipur, Rajasthan. Both units engage in the processing and manufacturing of the products.
Open date | March 13, 2023 |
Close date | March 15, 2023 |
Lot size | 100 shares |
IPO size (Rs crore) | 154.98 crore |
IPO price range (Rs) | Rs 133-144 a share |
Minimum investment | Rs 14,000 |
Basis of allotment date | March 20, 2023 |
Refunds date | March 21, 2023 |
Credit to demat account date | March 22, 2023 |
Listing date | March 23, 2023 |
Unistone Capital Pvt Ltd is the sole lead manager of the IPO.
The company will be using the net proceeds for investing in a wholly owned subsidiary, Global Surfaces FZE for part-financing its capital expenditure requirements in relation to the setting up of a manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates (UAE) and for general corporate purposes.
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