Global Surface's IPO subscribed over 12 times on final day of offer

New DelhI: The initial share sale of Global Surfaces Ltd was subscribed 12.21 times on the final day of the offer on Wednesday.

The Initial Public Offering (IPO) received bids for 9.46 crore equity shares against 77.49 lakh shares on offer, according to the NSE data.

The portion for Non-Institutional Investors (NIIs) received 33.10 times subscription. The quota for Qualified Institutional Buyers (QIBs) got subscribed 8.95 times and the Retail Individual Investors (RIIs) portion was subscribed 5.12 times.

Global Surfaces is into processing of natural stones and manufacturing engineered quartz.

The company's 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.

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

Unistone Capital is the sole book running lead manager to the issue.