Global Surfaces IPO Subscribed 1.09 Times On Second Day

The initial share sale of Global Surfaces Ltd. was subscribed 1.09 times on the second day of the offer on Tuesday.

The initial public offering received bids for 84.23 lakh equity shares against 77.49 lakh shares on offer, as per the NSE data.

The quota for retail individual investors received 1.45 times subscription. The portion for non-institutional investors got subscribed 1.65 times and the qualified institutional buyers quota was subscribed a mere 4%.

Global Surfaces is into processing of natural stones and manufacturing engineered quartz.

The company's 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.

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

Unistone Capital is the sole book running lead manager to the issue.