Shares of Global Surfaces Ltd were trading at a premium of ₹18 per share on the grey market on Friday, according to topsharebrokers.com.
The initial public offer (IPO) price per share is ₹140 while its estimated listing price as of current grey market premium is ₹158, 12.86% higher.
The 'Grey Market Premium' (GMP) refers to investors' readiness to pay more than the issue price.
However, according to the brokerage, Friday's grey market price trend indicates lower side. The trend is expected to further slide down on the listing day. The lowest GMP is recorded at ₹0 while the highest has been ₹40.
The company has fixed the price band at ₹133 to 140 per equity share for the proposed initial public offer.
The allotment of shares for the company's IPO is scheduled to take place on Monday, March 20.
On Day 3 of subscription, the public issue received fantastic response from non-institutional investors. The qualified institutional buyers' (QIBs) portion picked up response on the final day, and retail investors' portion continued to follow the positive trend. The issue was subscribed 12.21 times.
The public issue that opened for subscription on March 13, closed on March 15.
The shares of Global Surfaces Ltd will be listed on the bourses on Thursday, March 23.
Unistone Capital Private Ltd is the sole lead manager of the issue, and Bigshare Services Private Ltd is the registrar.