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Global Surfaces Ltd's initial public offer (IPO) will open for subscription on Monday, March 13, and close on Wednesday, March 15. The company has fixed the price band at ₹133 to 140 per equity share for the proposed initial public offer.
Investors can bid for a minimum of 100 equity shares and in multiples thereafter.
The public offering, which has a face value of ₹10 per equity share, consists of a fresh issue of 85.20 lakh equity shares and offer for sale (OFS) of up to 25.5 lakh equity shares by selling shareholders.
Promoter Mayank Shah will sell 14 lakh shares through the OFS process, and Sweta Shah will sell 11.5 lakh shares.
According to the Red Herring Prospectus (RHP), the net proceeds from the issue will be utilised for investment in wholly owned subsidiary Global Surfaces FZE for part-financing its capital expenditure requirements of setting up the manufacturing facility in Dubai and general corporate purposes.
Unistone Capital Private Ltd is the sole lead manager of the issue, and Bigshare Services Private Ltd is the registrar.
The offer is being made through the book-building process, in which not less than 15% of the offer must be made available to non-institutional investors and not less than 35% of the offer must be made available to retail individual investors. Not more than 50% of the offer may be allocated to qualified institutional buyers.
The equity shares are proposed to be listed on BSE and NSE.
As per the RHP, Global Surfaces has been in the business of processing natural stones since 2004 and entered the manufacturing of engineered quartz in 2018. In fiscal 2021-22, exports business accounted for 99.13% of its operating revenue.
In recent years, the company's products have been effectively sold in a number of nations, including the Middle East, Canada, Australia, and the United States of America. Additionally, the business is dedicated to expanding its reach into new regions and has regularly increased its customer base across North America.
Through a wholly owned subsidiary, the business is setting up a manufacturing facility in Dubai's Jebel Ali Free Trade Zone. Production is anticipated to start in FY 2023–2024.
The company reported a profit after tax of ₹35.63 crore for FY22 as compared to ₹33.93 crore for FY21.
The company's revenue for the period ended September 2022 was ₹99 crore, and its profit was ₹13.6 crore.