Shares of Global Surfaces were listed with a bumper premium of 17% on the NSE and BSE on March 23. The listing was resilient to the gloomy market conditions of the Indexes, Nifty 50 (-0.44%) and Sensex (-0.50%). While the issue price of the share was Rs 140 per share, it debuted on the market at Rs 164 per share. The listing continued its positive streak and touched a 23% high of Rs 172.2 in the day’s trading before ending the day at Rs 171.05.
Global Surfaces opened for subscription on March 13. The issue was booked by 1221% by the end of day 3. The Qualified Institutional Buyers had an 8.95 times subscription rate while the Retail Investors bid for 5.12 times the shares reserved for them respectively. The IPO was expected to list at a premium as it was trading at Rs 18 premium in the Grey market.
Global Surfaces marks the fourth listing of the calendar year 2023 and is preceded by Radiant Cash Management Services, Sah Polymers and Divgi TorqTransfer Systems.
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