IPO Corner: Global Surfaces Ltd.

Global Surfaces Ltd
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Global Surfaces Limited (GSL) will launch its IPO on March 13, 2023 and the issue closes on March 15, 2023. It is a main-board IPO of 11,070,000 equity shares of the face value of ₹10 aggregating up to ₹154.98 Crores. The issue is priced at ₹133 to ₹140 per share. The shares are proposed to be listed on both BSE and NSE. Unistone Capital Pvt. Ltd. is the lead manager to the IPO, and Bigshare Services Pvt. Ltd. is the registrar to the issue.

  • Issue Opens on: Monday, March 13, 2023
  • Issue Closes on: Wednesday, March 15, 2023
  • Price Band: ₹133 to ₹140 per share Equity Share
  • Face Value: ₹ 10 per equity share
  • Issue Size: 11,070,000 equity shares of up to ₹154.98 Crores (QIB 50% of the net offer; Non-Institutional 15% of the net offer and Retail 35% of the net offer)
  • Fresh Issue: 85,20,000
  • Offer For Sale:  25,50,000
  • Listing on: BSE & NSE Platform
  • Minimum Lot Size: 100 Equity Shares and in multiples thereof
  • Pre-IPO Equity Shares 3,38,61,818
  • Post Issue Equity Shares 4,23,81,818
  • Post-Issue Market Cap ₹ 5,933.5 million


  • Basis of Allotment: March 20, 2023
  • Initiation of Refunds: March 21, 2023
  • Credit of Shares: March 22, 2023
  • Listing of Shares: March 23, 2023

Object of the Offer

Investment in wholly owned subsidiary, Global Surfaces FZE for part-financing its capital expenditure requirements in relation to the setting up of manufacturing facility for engineered quartz at The Jebel Ali Free Zone, Dubai, United Arab Emirates and General Corporate Purposes.

The Company

Incorporated in 1991 and based out of Jaipur, Rajasthan, is engaged in the business of processing natural stones and manufacturing engineered quartz. Global Surfaces Limited (GSL) has been promoted by Mayank Shah who has been instrumental in the growth of the Company. GSL has two manufacturing units strategically located in proximity of availability of key raw materials. Products of the company finds its application in flooring, wall cladding, countertops, cut-to size and other items. GSL’s products are used in both commercial and residential industry and are sold within and outside India. GSL focus on innovation and technology has enabled it to stay ahead of the competition and improve its manufacturing efficiency, cost-effectiveness, and sustainability.

Plants & Projects

The company has two units, one located at RIICO Industrial Area, Bagru Extn, Bagru, Jaipur, Rajasthan, and the other at Mahindra World City SEZ, Jaipur, Rajasthan. Both units engage in the processing and manufacturing of the products.

This Unit II set up by GSL is dedicated towards manufacturing engineered quartz. This Unit is also equipped with an R&D facility to develop, improve and test products which assist the company in keeping pace with the ever-evolving market trends and demands. Both Units are located in close proximity to each other.


The company has shown steady growth in its Revenues, with revenue from FY22 coming in at Rs. 190 Crore rising from Rs. 174 Crore (FY21). The company is profitable with the PBT for FY22 reported at Rs.35.6 Crore, and PAT came in at Rs.1.1 Crore.

Future Plans

GSL, through its wholly owned subsidiary, Global Surfaces FZE, intend to establish a dedicated unit for manufacturing engineered quartz in Dubai, UAE on a lease of 20 years.

Plus Points

  1. Revenue from operations grew at a CAGR of 21.04% from ₹ 232.89 Million to ₹ 1,903.13 Million in last 11 years
  2. Wide product portfolio with multiple upcoming designs giving an edge against big players
  3. Established presence in USA, Canada, Australia and Middle East
  4. Setting up strategically located manufacturing facility at Jebel Ali Free Zone, Dubai to take benefit of anti-dumping duty by US on China, India and Turkey
  5. Integrated Technology and automated plant
About the author: IE&M Team
IE&M Team
Indian Economy & Market is an Indian media and information platform producing data-backed news and analysis on all the vital elements at the intersection of the economy, stock markets, mutual fund, insurance, commodities, currency, technology, startups and business.

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