Global Surfaces' IPO to open on March 13

The initial share sale of Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, will open for public subscription on March 13.

The Initial Public Offering (IPO) will conclude on March 15 while the bidding for anchor investors will open on March 10, the Red Herring Prospectus (RHP) filed with Sebi showed on Tuesday.

The IPO comprises fresh issuance 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.

The 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 FY22, the company posted a profit after tax of Rs 35.63 crore as compared to Rs 33.93 crore in FY21.

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.