Global Surfaces IPO receives 42% subscription on Day 1

The initial share sale of Global Surfaces Ltd got subscribed 42 per cent on the first day of subscription on Monday.

The initial public offering (IPO) received bids for 32.75 lakh shares against 77.49 lakh shares on offer, according to NSE data.

The portion for Retail Individual Investors (RIIs) got subscribed 60 per cent while the category for Non-Institutional Investors (NIIs) received 57 per cent subscription.

The quota for Qualified Institutional Buyers (QIBs) got subscribed 1 per cent.

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Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, on Friday said it has collected Rs 46.49 crore from anchor investors and sets a price band of Rs 133-140 a share for its IPO.

The issue comprises fresh issuance of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares by promoters -- Mayank Shah and Sweta Shah.

Funds raised through fresh issuance will be used for setting up the company's proposed facility -- Global Surfaces FZE -- in Dubai.

At the upper end of the price band, the company is expected to fetch Rs 155 crore from the IPO.

Unistone Capital is the sole book-running lead manager to the issue.

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