The ₹155-crore initial public offering of Global Surfaces subscribed 12.21 times on the last day of the issue closing. The IPO, which came with a price band of ₹133-140, received bids for 9.46 crore shares against 77.49 lakh shares on offer, according to data available with the exchanges.
Strong response from retail, NII
Despite gloomy secondary market, the portion for retail Individual Investors got subscribed 5.12 times, while the quota for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) received 33.10 times and 8.95 times, respectively.
The IPO comprises a fresh issue 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.
As part of IPO, Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, raised ₹46.49 crore from three anchor investors - Leading Light Fund VCC-The Triumph Fund, Saint Capital Fund, and VPK Global Ventures Fund-Scheme 1.
Funds raised through fresh issuance will be used for setting up the company’s proposed facility -- Global Surfaces FZE - in Dubai.
The company has finalised allocation of 33.21 lakh equity shares to anchor investors, at ₹140 a share.