Global Surfaces IPO to open for subscription on March 13

2 Mar 2023 , 09:36 AM

Global Surfaces Limited, a natural stones processing and manufacturing engineered quartz initial public offer (IPO) will open for subscription on March 13 and conclude on March 15. The anchor investor will open on March 10, as per the red herring prospectus filed with SEBI on Tuesday.

The company is issuing 85,20,000 equity shares as fresh issue and an offer for sale of up to 25,50,000 equity shares by promoters Mayank Shah and Sweta Shah.

Global Surfaces has not yet disclosed the issue price band of the IPO.

As per RHP filed with SEBI, the company will utilize the net proceeds from initial public offer (IPO) towards the investment in the 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.

Unistone Capital is the sole merchant banker to the issue. The equity shares of the company will be listed on the BSE and NSE.