The ₹155-crore initial public offering of Global Surfaces was subscribed 42 per cent on the first day of subscription on Monday. The issue, which came with a price band of ₹133-140, will close for public subscription on Wednesday.
The IPO received bids for 32.75 lakh shares against 77.49 lakh shares on offer, according to data available with the exchanges.
Despite gloomy secondary market, the portion for retail Individual Investors got subscribed 60 per cent while the quota for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) received 57 per cent and 1 per cent 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.