Global Surfaces raises Rs 46.49 crore via anchor investors ahead of IPO

11 Mar 2023 , 02:38 PM

On March 10, Global Surfaces has raised Rs 46.49 crore from anchor investors ahead of the opening of initial public offer (IPO) on Monday, March 13.

The top three investors in the company are Leading Light Fund VCC – The Triumph Fund, Saint Capital Fund, and VPK Global Ventures Fund – Scheme 1. 

The company in its filing said, “…in consultation with merchant bankers, we have finalised allocation of 33.21 lakh equity shares to anchor investors, at Rs 140 per share (including premium of Rs 130 per share).”

As per the document, Leading Light Fund VCC – The Triumph Fund has received 19.28 lakh shares worth Rs 27 crore, Saint Capital Fund 10.35 lakh shares worth Rs 14.49 lakh crore and VPK Global Ventures Fund – Scheme 3.57 lakh shares worth Rs 5 crore.

The IPO of Global Surfaces Ltd will open for subscription on March 13 and will conclude on March 15. It comprises a fresh issue of equity shares worth Rs 119.28 crore, and an offer for sale of Rs 35.70 crore by selling shareholders.

Half of the issue size has been reserved for qualified institutional buyers, up to 35% for retail investors and the remaining 15% for non-institutional investors.

As per RHP, Global Surfaces Limited has been in the business of processing natural stones since 2004 and entered the manufacturing of engineered quartz in 2018.