Global Surfaces IPO

Global Surfaces IPO will open for subscription from 13 March 2023. the company aims for an issue size of ₹154.98 Cr through this IPO.

About Company

The company is engaged in the business of processing natural stones and manufacturing engineered quartz. Global Surfaces has two units, one located at RIICO Industrial Area, Bagru Extn, Bagru, Jaipur, Rajasthan, and the other at Mahindra World City SEZ, Jaipur, Rajasthan for processing and manufacturing its products. Unit I which admeasuring 20,488 sq. mtrs. or thereabouts is located at Bagru, Jaipur, Rajasthan. This Unit was acquired as a stressed asset under the Recovery of the Debt Due to Banks and Financial Institutions Act, 1993 in 2004 and is exclusively dedicated to processing natural stones such as marble, granite, and quartzite.

From FY 2017-18 onwards, the company has further diversified its business into manufacturing engineered quartz and for this purpose, Unit II at Mahindra World City SEZ, Jaipur, Rajasthan was set up. This Unit II is spread across 24,139.08 sq. mtrs. and is dedicated to manufacturing engineered quartz. This unit is also equipped with an R&D facility to develop, improve, and test products. Both the units are located in close proximity to each other i.e., within a range of 20 kms. from one another. Approximately 99% of its revenues from operations were derived from exports during FY 2022. The company has exported to the United States of America, Canada, Australia, and the Middle East.

Basic details about the company

Full nameGlobal Surfaces Limited
SectorConstruction Materials
Company Website

The objective of the Issue

  • Investment in the wholly owned subsidiary, Global Surfaces FZE for part-financing its capital expenditure requirements in relation to the setting up of a manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates (UAE);
  • General corporate purposes.

Major Competitive strengths

  • Wide range of product portfolio.
  • Experienced managemnent team.
  • Good customer relatioship.
  • Strong domestic and international presence.
  • The products are widely used for commercial and residential industries and are sold within and outside India.

IPO Timetable

IPO Opening date13 March 2023
IPO Closing15 March 2023
Basis of Allotment20 March 2023
Initiation Refund21 March 2023
Credit to Demat Account22 March 2023
Listing Date23 March 2023

IPO details

Issue typeBook Built Issue IPO
IPO issue size₹154.98 Cr – 11,070,000 shares
Fresh Issue₹119.28 cr – 8,520,000 shares
Offer for sale₹35.7 cr – 2,550,000 shares
Face value₹10 per share
Price Band₹133 to ₹140 per share
Lot size100 Shares
Retail Allocation35% of the Net Offer
Listing ExchangeBSE & NSE

IPO Lot Size

Retail (Min)1100₹14,000
Retail (Max)141400₹196,000
S-HNI (Min)151,500₹210,000
B-HNI (Min)727,200₹1,008,000

Reservation Details

QIB Shares Offered 50%
NII (HNI) Shares Offered 15%
Retail Shares Offered 35%

Financial Performance

 FY 2020FY 2021FY 2022H1 FY 2023
Net income20.8433.9535.7314.89
Margin (%)12.819.418.815.2
(Amount in ₹ Crors)

Valuations & Margins

FY 2020FY 2021FY 2022
PE ratio12.64 – 13.31
RONW (%)26.5934.4732.51
ROCE (%)32.9535.7520.85
EBITDA (%)24.6927.0521.97

Company Promoters

  • Mayank Shah

Promoter Holding

Pre Issue Share Holding99.35%
Post Issue Share Holding

Lead Manager(s)

  • Unistone Capital Pvt Ltd

IPO Registrar

S6-2, 6th Floor, Pinnacle Business Park,
Next to Ahura Centre, Mahakali Caves Road,
Andheri (East), Mumbai – 400 093,
Maharashtra, India
 +91 22 62638200

Contact Details

Plot No. PA-10-006
Engineering and Related Industries SEZ,
Mahindra World City
Jaipur-302037, Rajasthan
Phone: +91 0141 7191000

Allotment Status

Global Surfaces IPO allotment will be available on Link Intime’s website. Click on Bigshare Services weblink to get allotment status.

Final thoughts

Global Surfaces IPO is going to hit Dalal street soon. applying for an IPO is purely a personal choice. study well about the company and do subscribe if you are feeling good about the company. I hope this post will give you enough details to make a fundamental study of the company. learn well and make wise decisions.

Happy Investing

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