Global Surfaces IPO
Global Surfaces IPO — date, price band, lot size & details 2023
Global Surfaces listed on 23 Mar 2023 at ₹164, 17.1% above the ₹140 issue price.
Global Surfaces processes natural stones and makes engineered quartz for flooring, wall cladding and countertops, from two units in Jaipur, Rajasthan. Its total income was Rs 198.36 crore in FY2022.
Stock price
Global Surfaces is listed — here is the live share price.
Researched & reviewed by
Abhishek Vohera,
Founder, IPO Guru
Last updated
Figures sourced from the RHP, BSE & NSE
Timetable
Key dates from opening to listing. Today is 11 November.
- Open 13 Mar 2023
- Close 15 Mar 2023
- Allotment 20 Mar 2023
- Refund/credit 21 Mar 2023
- Listing 23 Mar 2023
Issue summary
The terms of the offer, as filed.
| IPO Dates | 13 to 15 Mar, 2023 |
|---|---|
| Price Band | ₹133 – ₹140 |
| Face Value | ₹10 |
| Lot Size | 100 Shares |
| Issue Size | ₹154.98 Cr |
| Sale Type | Fresh capital cum OFS |
| Listing On | BSE, NSE |
| Registrar | Bigshare Services Private Limited |
| Min Investment | ₹ 14,000 |
Share of the offer set aside for each investor category, as stated in the offer document.
What will it cost me?
Bidding is in multiples of 100 shares at the ₹140 cut-off. Drag to size your application.
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹14,000 |
| Retail (max) | 14 | 1,400 | ₹1,96,000 |
| S-HNI (min) | 15 | 1,500 | ₹2,10,000 |
| S-HNI (max) | 71 | 7,100 | ₹9,94,000 |
| B-HNI (min) | 72 | 7,200 | ₹10,08,000 |
Strengths & risks
Drawn from the offer document — the case for and against, side by side.
Strengths · 5
- 01Profit after tax rose from Rs 20.96 crore in FY2020 to Rs 35.63 crore in FY2022.
- 02The source puts the PAT margin at 18.72% and the EBITDA margin at 21.97%.
- 03The pre-issue P/E was 13.31 at the upper band of Rs 140, based on EPS of Rs 10.52.
- 04Rs 119.28 crore of the Rs 154.98 crore issue was fresh capital, mostly for a new plant in Dubai.
- 05Net worth grew from Rs 64.48 crore on 31 March 2020 to Rs 148.93 crore on 30 September 2022.
Risks · 5
- 01Total income grew slowly, from Rs 165.78 crore in FY2020 to Rs 198.36 crore in FY2022.
- 02Profit after tax was Rs 13.59 crore in the six months to 30 September 2022, a slower pace than FY2022.
- 03The Dubai plant needs Rs 90.00 crore and carries overseas project and ramp-up risk.
- 04Total borrowing rose from Rs 37.28 crore on 31 March 2022 to Rs 50.52 crore on 30 September 2022.
- 05Promoters and the promoter group held 99.35% before the issue and 73.36% after it.
Three years of numbers
All figures in ₹ crore, as reported in the Global Surfaces offer document.
| Metric | 30 Sep 2022 | 31 Mar 2022 | 31 Mar 2021 | 31 Mar 2020 |
|---|---|---|---|---|
| Assets | 280.20 | 236.48 | 159.00 | 128.73 |
| Total Income | 99.25 | 198.36 | 179.00 | 165.78 |
| Profit After Tax | 13.59 | 35.63 | 33.93 | 20.96 |
| NET Worth | 148.93 | 134.04 | 98.43 | 64.48 |
| Reserves and Surplus | 115.07 | 100.17 | 91.98 | 58.03 |
| Total Borrowing | 50.52 | 37.28 | 37.46 | 53.49 |
See how this IPO compares — view listing performance of all mainboard IPOs.
Valuation & key ratios
Ratios are for the latest full financial year reported in the Global Surfaces RHP. EPS and P/E are post-issue — the table below carries the pre-issue comparison.
Global Surfaces IPO Valuation
How the issue prices the company before and after the fresh shares are created.
| Valuation Metric | Pre-Issue | Post-Issue |
|---|---|---|
| EPS (₹) | ₹10.52 | ₹6.41 |
| P/E Ratio (x) | 13.31 | 21.84 |
| Market Cap at Offer Price (₹ Cr) | ₹180.86 | ₹296.82 |
Pre-issue figures use the shareholding reported in the RHP; post-issue figures use the shareholding once the fresh issue has created new shares. The two differ because of that dilution and because post-issue earnings per share are often annualised, so the change can run in either direction. Market capitalisation is calculated at the ₹140 offer price. Compare the post-issue P/E against listed peers before deciding — a premium there is growth you are paying for in advance.
Where the money goes
₹101.58 Cr of the issue is earmarked to named objects.
About the company
Its products are used in flooring, wall cladding, countertops and cut-to-size items for commercial and residential buildings, and are sold in India and abroad.
It has two units, one at RIICO Industrial Area, Bagru, Jaipur and the other at Mahindra World City SEZ, Jaipur, both in Rajasthan.
The IPO was Rs 154.98 crore, with Rs 119.28 crore of fresh issue and Rs 35.70 crore of offer for sale by the promoter and a promoter group member. Rs 90.00 crore was planned for its Dubai subsidiary to set up an engineered quartz plant in the Jebel Ali Free Zone.
Interested in this IPO? Check the live subscription status or browse all upcoming mainboard IPOs.
The bankers & the filings
Who is running the book, and the documents this page is built from.
Global Surfaces IPO Documents
Read the filings this page is built from.
Lead Manager Track Record
How the book-running lead managers on this issue have priced their past IPOs, measured on listing day.
Unistone Capital
17 issues handled (15 mainboard, 2 SME)Best listing: Sigachi Industries (+249.7%). Weakest: Fabtech Technologies (0.0%).
Listing gain compares the listing-day opening price with the issue price, using the IPOs on IPO Guru that this lead manager has taken to market. A strong record reflects how the banker has priced past issues — it is not a forecast for this one. See every issue they have handled on the lead managers page.
Company contact
Frequently asked
What is the GMP of Global Surfaces?
The current Grey Market Premium is ₹12, or 9% over the issue price.
What is the Global Surfaces IPO price band?
₹133 to ₹140, on a face value of ₹10.
When is the allotment?
The basis of allotment is 20 March 2023, with listing on 23 March 2023.
How do I check allotment status?
On the IPO Guru allotment page or on the registrar's site — Bigshare Services Private Limited.
Every number here traces back to a filing.
IPO Guru tracks GMP, subscription and allotment for every Mainboard and SME issue. Every number on this page is sourced from the RHP, BSE & NSE.
Not investment advice. Grey market premium is an unofficial, unregulated indicator and is not a forecast.
