Global Surface IPO (Public Offer): Price band set at Rs 133-140 per share

New Delhi:

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

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

The IPO comprises issuance of 85.20 lakh equity shares and offer for sale of 25.5 lakh equity shares by the promoters – Mayank Shah and Sweta Shah.

The funds raised from the fresh issue will be used to set up the company’s proposed entity – Global Surface FZE – in Dubai.

At the upper end of the price band, the company is expected to garner Rs 155 crore 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 BSE and NSE.

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