On Day 2 of subscription, the public issue received overwhelming response from non-institutional investors and retail investors. However, qualified institutional investors (QIBs) stayed away from the issue.
The company has received bids for 84,23,700 shares against 77,49,000 shares on offer, according to data from the BSE.
The non-institutional investors' portion was oversubscribed 1.65 times, and the segment received bids for 27,37,200 shares against 16,60,500 on offer for this segment.
The retail investors' portion was also oversubscribed. The portion was subscribed 1.45 times. It received bids for 56,07,600 shares against 38,74,500 on offer for this segment.
The QIBs' portion was subscribed 0.04 times. It received bids for 78,900 shares of the 22,14,000 shares on offer for this segment. However, the employees' portion did not receive any subscriptions.
On Day 1, the public issue was subscribed 42%.
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 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 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 equity shares are proposed to be listed on BSE and NSE.