Global Surfaces sets IPO price band at Rs 133-140 per share

Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, on Friday said it has set a price band of Rs 133-140 a share for its Initial Public Offering (IPO).

The initial share sale, which opens for subscription on March 13, will close on March 15, the company said in a statement.

The IPO comprises fresh issuance 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.

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Funds raised through fresh issuance will be used for setting up the company’s proposed facility — Global Surfaces FZE — in Dubai.

At the upper end of the price band, the company is expected to fetch Rs 155 crore from the IPO.

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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.