Global Surfaces Ltd., a company that processes natural stones and produces manufactured quartz, announced on Friday that it has established a price range of Rs. 133-140 per share for its first public offering (IPO). According to a statement from the firm, the initial share sale, which begins accepting subscriptions on March 13, will end on March 15.
The IPO consists of a new issuance of 85.20 lakh equity shares and an offer for sale by the promoters, Mayank and Sweta Shah, of up to 25.5 lakh equity shares. The company’s projected facility, Global Surfaces FZE, in Dubai, will be built with the money raised through the fresh offering. The company is anticipated to receive Rs 155 crore at the top of the pricing range from the IPO.
Half of the issue size has been reserved for qualified institutional buyers, up to 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors. Unistone Capital is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and NSE.