IPO of Global Surfaces to open next week amidst upheaval in the market, the company has fixed the price band

Global Surfaces IPO: The IPO (Initial Public Offering) of Global Surfaces is going to open next week. The IPO of the company will open on 13 March 2023 and investors can invest in the IPO till 15 March. The company has also fixed the price band of the IPO.

Global Surfaces is preparing to raise Rs 155 crore from the capital market through IPO. The company has fixed the price band of IPO from Rs 133 to 140 per share. Investors can apply for a minimum lot of 100 shares. After that they will be able to apply in multiple of it. Both the stock exchanges are expected to be listed on March 23, 2023.

A 20 percent quota has been reserved for institutional investors in the IPO. 25 percent quota has been reserved for retail investors and 15 percent for non-institutional investors. In the IPO, 85.20 lakh shares are being issued through fresh issue. While 25.5 lakh shares are being sold by promoters Mayank Shah and Shweta Shah through offer for sale.

The company will invest the amount raised through IPO in its company Global Surfaces FZE to set up a manufacturing facility in Dubai. Also, the amount will be used for general corporate purposes. In 2021-22, the company’s revenue was Rs 198 crore while there was a profit of Rs 35 crore.

Global Surfaces is going to launch its IPO amidst the turmoil in the stock market. In such a situation, how is the response of the investors regarding the IPO, it matters a lot to the market. Earlier, medical equipment manufacturing company Airox Technologies has withdrawn its IPO. The company was preparing to raise Rs 750 crore through IPO through IPO. So after sensing the market situation, Fabindia and jewelry company Joyalukkas India have also postponed the decision to bring IPO.

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