Stone Processing Firm Global Surfaces Files Papers For Public Offer

Global Surfaces Ltd, which is engaged in the business of processing natural stones and manufacturing engineered quartz, has filed preliminary papers with Securities and Exchange Board of India (SEBI) to mop up funds through an initial public offering (IPO).

The IPO comprises fresh issuance of 85.20 lakh equity shares and an offer-for-sale (OFS) of up to 25.5 lakh equity shares by promoters - Mayank Shah and Sweta Shah, according to the draft red herring prospectus (DRHP).

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

For 2021-22, the company posted a profit after tax of Rs 35.63 crore as compared to Rs 33.93 crore in 2020-21 and its total income was at Rs 198.35 crore as against Rs 179 crore in 2020-21.

Unistone Capital is the sole book running lead manager to the issue. The equity shares of the company will be listed on the BSE and NSE.