Global Surfaces files DRHP for IPO

30 Jun 2022 , 09:55 AM

Global Surfaces Ltd., which processes natural stones and creates manufactured quartz, has submitted preliminary paperwork to the SEBI in order to raise money through an initial public offering (IPO).

According to the draught red herring prospectus (DRHP), the IPO consists of a new issue of 85.20 lakh equity shares and an offer-for-sale (OFS) of up to 25.5 lakh equity shares by the founders Mayank Shah and Sweta Shah.

The company’s proposed facility, Global Surfaces FZE, would be built in Dubai with money acquired through the fresh issuing of equity shares.

The firm reported an after-tax profit of Rs 35.63 crore for FY22, up from Rs 33.93 crore for FY21, and total revenue of Rs 198.35 crore, up from Rs 179 crore for FY21. The issue’s only book-running lead manager is Unistone Capital. The BSE and NSE will both list the company’s equity shares.