Exclusive: Global Surfaces MD Mayank Shah says US recession not impacting demand; UAE expansion to boost revenues

Global Surface IPO: Global Surfaces' MD Mayank Shah has said there has been no impact on the demand despite recession in the United States. In an exclusive interaction with Zee Business Managing Editor Anil Singhvi, he said that once the UAE project – Global Surfaces FZE is completed, the company will diversify 10 to 20 per cent of its revenue in other markets.

Mayank said that the company is growing at 6-7 per cent CAGR year-on-year and the "growth will be boosted after the UAE unit initiates".

“The profit margins have been stable and the fluctuation which was seen was due to global factors like Ukraine-Russia war has now improved,” he said.

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“The UAE project which will start later this year has a capital expenditure of Rs 150 crore. We will use the proceeds of Rs 90 crore raised from the IPO for the project,” he said.

He noted that UAE does not have anti-dumping duty – a tariff imposed on imports manufactured in foreign countries that are priced below the fair market value, which is a positive and "we are eyeing for the huge Gulf market which is booming right now".

Global Surface IPO details

The Global Surface IPO comprises a fresh issue of 85.20 lakh equity shares and an offer for sale (OFS) of up to 25.5 lakh equity shares by promoters -- Mayank Shah and Sweta Shah.

Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors. Unistone Capital is the sole book-running lead manager to the issue.

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