Subscriptions for the Global Surfaces Ltd IPO have opened today and will remain open until the 15th of March. The company, which processes natural stones and creates engineered quartz, had set its price band ₹133-140 per share.
The promoters, Mayank Shah and Sweta Shah, are selling up to 25.5 lakh equity shares through an offer for sale in addition to a new 85.20 lakh equity shares.
The money raised through the new issuance will go towards building the company's planned facility, Global Surfaces FZE, in Dubai.
“In terms of financial performance, the company reported total revenue of ₹198 crore for the fiscal year ended March 31, 2022, reporting an after-tax net profit of ₹35 crore. For the six months period that ended September 30, 2022, the company has reported revenue of ₹99 crore and profit after tax of ₹13.6 crore. Manish Khanna, Co-Founder at Unlisted Assets, told Mint.
The company is expected to raise Rs 155 crore from the IPO at the upper end of the price band.