The ₹155-crore initial public offering of Global Surfaces subscribed 12.21 times on the last day of the issue closing. The IPO, which came with a price band of ₹133-140, received bids for 9.46 crore shares against 77.49 lakh shares on offer, according to data available with the exchanges.

Strong response from retail, NII

Despite a gloomy secondary market, the portion for retail Individual Investors got subscribed 5.12 times, while the quota for Non-Institutional Investors (NIIs) and Qualified Institutional Buyers (QIBs) received 33.10 times and 8.95 times, respectively.

The IPO comprises a fresh issue 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.

Anchor investors

As part of IPO, Global Surfaces, which is into processing natural stones and manufacturing engineered quartz, raised ₹46.49 crore from three anchor investors – Leading Light Fund VCC-The Triumph Fund, Saint Capital Fund, and VPK Global Ventures Fund-Scheme 1.

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

The company has finalized allocation of 33.21 lakh equity shares to anchor investors, at ₹140 a share.

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