The Initial Public Offering (IPO) of Global Surfaces Ltd opened for subscription on Monday, March 13 and will close on March 15. The IPO price is set at a price band of Rs 133-140 per share. The IPO will include a fresh issue of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares by the promoters.
Global Surfaces is in the business of processing natural stones and manufacturing engineered quarts. The company was founded in 1991 and has two manufacturing and processing units in Jaipur, Rajasthan. The company is export-oriented with 99.13% of its operating revenue for FY22 coming from exports. The company has stated to have successfully exported products to numerous countries including the USA, Canada, Australia and the Middle East.
The company has reported a total income of Rs 198 crore in the fiscal year 2022, EBIDTA of Rs 38.80 crore and net profit after tax was at Rs 35 crore. Analysts at Capital Markets have given the company a PE ratio of 16.7 as reported by Business Today.
The company has reserved 50 per cent of the issue for qualified institutional buyers, 15% for non-institutional investors and 35% of the issue for retail investors. The company plans to use the IPO proceeds towards setting up a manufacturing facility for engineered quartz in Dubai.
Capital Markets analysts are ‘neutral’ on the issue. Jainam Broking has recommended ‘subscribe for short term’ on the issue as reported by BT. Religare broking has also given a ‘neutral’ rating to the IPO.
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