The company will raise Rs 155.00 crore at the upper price band of the issue.
The issue, which opens for subscription from Monday, March 13, 2023, will close on Wednesday, March 15, 2023.
The company will be offering 1,10,70,000 equity through the initial public offering through the book-building process.
The equity shares of the company will be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Of the 1,10,70,000 equity shares of Rs 10 each, the company will issue 85,20,000 equity shares fresh equity shares and 25,50,000 equity shares will be offer for sale by existing shareholders.
Not more 50% of the shares issue will be reserved for qualified institutional buyers (“QIB’s), not less than 35% are reserved for retail individual investors (‘RII’) and not less than 15% are reserved for non- institutional investors (‘NII’). The book-running lead manager to the offer is Unistone Capital Pvt Ltd and Bigshare Services is the registrar of the issue.
The funds raised through the IPO will be partially invested in the company's wholly-owned subsidiary Global Surfaces FZE to finance its capital expenditure of setting up the production facility in JAFZA, Dubai and for general corporate purposes.
The money will also be used to support the company's growth goals, which include growing its product lines and its global expansion.