Global Surfaces makes market debut at 17% premium

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Global Surfaces makes market debut at 17% premium

Global Surfaces made its debut on Thursday at Dalal Street with a decent premium. The natural stones player was listed at a premium of 17 per cent at Rs 164 on the National Stock Exchange NSE, while it made its debut at Rs 163 on the BSE, a premium of 16 per cent over the issue price.

A day ahead of its listing, Global Surfaces shares were commanding a premium of 15 -- 20 in the grey market, signalling a mild listing pop for the investors. The stock was listed on the expected lines during its maiden trading session.

The initial public offering of Global Surfaces was open for subscription between March 13 -- 15 as the company raised about 155 crore via its primary stake sale. The company sold its shares in the range of 133 -- 140 apiece with a lot size of 100 equity shares.

The portion reserved for qualified institutional bidders was booked 8.95 times, while the retail portion was subscribed 5.12 times.

Global Surfaces, which was founded in 1991, is engaged in processing natural stones and producing engineered quartz. The company has two units in two different locations in Jaipur, Rajasthan. Both units are involved in the processing and manufacturing of the products.

Natural stones are produced through complex geological processes and form various products like granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine, and others that are quarried from the earth. Its products have applications in flooring, wall cladding, countertops, cut-to-size, and other items.

Krishna Raghavan, founder of Unlistedkart, said that the raised funds will be used for growth opportunities, such as setting up a production facility in JAFZA, Dubai, and expanding the company's global footprint.

This will allow Global Surfaces to expand its product lines, catering to various applications like flooring, wall cladding, countertops, and more. He said that IPO presents an attractive opportunity for investors because of the company's products, which are widely used across commercial and residential industries.