A new listing today – Global Surfaces. As against the IPO price of Rs.140, the stock got listed on the BSE at Rs.163, a premium of 16.5%, which in current market scenario is good. It rose to Rs.171 and is now trading at Rs.161 levels.
The company manufactures engineering quartz and natural stone (marble, granite, quartzite) at 2 facilities in Jaipur. It earns 98% revenue from exports.
Lion’s portion of the IPO was subscribed by HNIs, followed by QIBs and then retail investors.
In our IPO Analysis, we had said that the current slowdown in the US will impact demand and this gave a negative outlook for the short term.
In our analysis, we had concluded, “The IPO can be skipped on unattractive pricing and negative short-term outlook.”