Today is the last day for the ₹155-crore initial public offering of Global Surfaces to subscribe. The issue, which came with a price band of ₹133-140, has subscribed fully despite downbeat sentiment at the secondary markets. Market lot is 100 shares.
The IPO received bids for 85.96 lakh shares against 77.49 lakh shares on offer, according to data available with the exchanges, making the issue subscribed 1.10 times overall.
Strong response from retail, NII
Despite gloomy secondary market, the portion for retail Individual Investors got subscribed 1.5 per cent while the quota for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) received 1.68 times and 0.04 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.
Anchor investors
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.
Unistone Capital is the sole book running lead manager to the issue.