Shares of a newly listed company appreciated to the tune of 5 per cent to reach an intraday high of ₹ 191.75 apiece on the Bombay Stocks Exchange (BSE) after European financial services provider Societe Generale picked its shares in a large deal. At 12:55 PM, the company’s shares were trading at ₹ 189.65 apiece.
Global Surfaces is engaged in processing natural stones and manufacturing engineered quartz. The company got listed on the bourses on March 23, 2023.
According to the bulk deals data available on the Bombay Stock Exchange (BSE), Societe Generale bought 2.5 lakh shares of the company at ₹ 177.00 apiece on Friday, August 18, 2023. This takes the transaction value to ₹ 4.42 crores.
Global Surfaces debuted on the BSE at ₹ 163.00 per share and on the National Stock Exchange (NSE) at ₹ 164.00 apiece, at a premium of about 17 percent against an issue price of ₹ 140. The 155 crore IPO was subscribed 12.21 times on strong demand among non-institutional investors. The retail part was subscribed 5.12 times, and the NII (Non-Institutional Investor) category was subscribed 33 times.
The company said that its IPO proceeds will be used for investment in its arm Global Surfaces FZE for part-financing its capex requirements of setting up the manufacturing facility in Dubai and other general corporate purposes. Moreover, the money will be used to support the company’s goals like growing its product lines and global expansion
With a market capitalization of ₹ 774 crores, Global Surfaces is a micro-cap company. It has a low return on equity of 12.26 percent and an ideal debt-to-equity ratio of 0.64. Its promoters hold a 73.36 percent stake in it, followed by retail investors with 21.79 percent, and foreign institutions with 4.85 percent.
Written by Simran Bafna
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