Global Surfaces makes strong market debut, lists at a 17% premium

Global Surfaces made its debut at Dalal Street on Thursday with a decent premium. Compared to its issue price of Rs 140, the natural stones player was listed at a premium of 17 per cent at Rs 164 on National Stock Exchange (NSE), while it made its debut at Rs 163 on BSE, a premium of 16 per cent over the issue price.

A day ahead of its listing, shares of Global Surfaces were commanding a premium of Rs 15-20 in the grey market, signaling a mild listing pop for the investors. The stock was listed on the expected lines during its maiden trading session.

The initial public offering of Global Surfaces was open for subscription between March 13-15 as the company raised about Rs 155 crore via its primary stake sale. The company sold its shares in the range of Rs 133-140 apiece with a lot size of 100 equity shares.

The issue was overall subscribed 12.21 times, led by a non-institutional investor's quota, which was booked 33.10 times. The portion reserved for qualified institutional bidders was booked 8.95 times, whereas the retail portion was subscribed 5.12 times.

Incorporated in 1991, Global Surfaces is engaged in processing natural stones and manufacturing engineered quartz. The company has two units in two different locations in Jaipur, Rajasthan. Both units engage in the processing and manufacturing of the products.

Natural stones are produced through complex geological processes and form various products like granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine, and others that are quarried from the earth. Its products have applications in flooring, wall cladding, countertops, cut-to-size, and other items.

Krishna Raghavan, founder at Unlistedkart is positive about the company and said that the raised funds will be channeled towards growth opportunities, such as setting up a production facility in JAFZA, Dubai, and expanding the company's global footprint.

"This will allow Global Surfaces to increase its product lines, catering to various applications like flooring, wall cladding, countertops, and more. The company's products are widely used across commercial and residential industries, and the IPO presents an attractive opportunity for investors," he said.

Also read: SBI shares: Three factors which can push the banking stock above Rs 700 

Also read: HAL shares plunge 6% as two-day OFS kicks off; issue sees 3% subscription so far