Key Points of Global Surfaces IPO Launch with 17% Premium:
- Global Surfaces, an engineered quartz manufacturer, had a successful debut on March 23 with a 17% premium, in line with the positive mood of the markets.
- The company’s strong subscription numbers and the recovery in equity markets contributed to its successful entry.
- The initial public offering raised Rs 154.98 crore, with shares priced between Rs 133 and Rs 140 per share.
- The public issue received 12.21 times subscription during the March 13-15 bidding period.
- Global Surfaces already has two units in Rajasthan and plans to establish a manufacturing facility for engineered quartz in Dubai through its subsidiary, Global Surfaces FZE.
- The combined natural and engineered stone market is valued at $65.75 billion globally in 2022 and is expected to reach $114.5 billion by 2032.
- Global Surfaces recorded a 5.2% growth in consolidated profit for FY22 at Rs 35.7 crore, with revenue from operations increasing by 8.5% to Rs 190.3 crore. However, EBITDA fell nearly 12% to Rs 41.8 crore, and margin dropped 502 bps to 21.96% compared to FY21.
Details of Global Surfaces IPO Launch with 17% Premium:
Global Surfaces sees successful debut with 17% premium
Global Surfaces, an engineered quartz manufacturer, made an impressive debut on March 23, with a 17% premium, in line with the positive mood of the markets. The company’s strong subscription numbers and the recovery in equity markets contributed to its successful entry, despite concerns over its falling operating margin.
The company’s initial public offering raised Rs 154.98 crore, with its shares priced between Rs 133 and Rs 140 per share. Its public issue received 12.21 times subscription during the March 13-15 bidding period.
Global Surfaces already has two units in Rajasthan and is planning to establish a manufacturing facility for engineered quartz in Dubai through its subsidiary, Global Surfaces FZE.
Natural stones, which include granite, limestone, marble, and quartzite, are produced by complex geological processes. The combined natural and engineered stone market is valued at $65.75 billion globally in 2022 and is expected to reach $114.5 billion by 2032.
Global Surfaces recorded a 5.2% growth in consolidated profit for FY22 at Rs 35.7 crore, with revenue from operations increasing by 8.5% to Rs 190.3 crore. However, EBITDA fell nearly 12% to Rs 41.8 crore, and margin dropped 502 bps to 21.96% compared to FY21.
About Global Surfaces:
Global Surfaces manufactures engineered quartz in addition to processing natural stones. In Rajasthan, the business includes two manufacturing facilities. The market for engineered quartz was valued at $24,150 million in 2021, and by 2026, it is projected to rise at a CAGR of 7-8%.
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