Global Surfaces debuts with 17% premium at Rs 164

Engineered quartz producer Global Surfaces made an excellent debut with 17 percentage top class on March 23, monitoring superb temper withinside the markets. It turned into on predicted traces given the best subscription numbers, and recuperation in fairness markets, aleven though there are issues with recognize to falling running margin.

The inventory opened at Rs 163 at the BSE in opposition to the difficulty fee of Rs a hundred and forty consistent with percentage, even as the hole tick at the NSE turned into Rs 164.

The herbal stones processing organization has acquired 12.21 instances subscription to its maiden public difficulty which turned into opened for bidding all through March 13-15, 2023. This turned into the second one public difficulty withinside the cutting-edge calendar 12 months after Divgi TorqTransfer Systems.

The preliminary public supplying fetched Global Surfaces Rs 154.ninety eight crore which protected a sparkling issuance of stocks really well worth Rs 119.28 crore on the better cease of the fee band of Rs 133-a hundred and forty consistent with percentage.

The organization, which already has  gadgets in Rajasthan, will installation its production facility for engineered quartz in Dubai, thru its subsidiary Global Surfaces FZE.

Natural stones, which can be produced via way of means of complicated geological processes, consist of some of merchandise together with granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine, and others which are quarried from the earth.

Globally, the herbal and engineered stone (combined) marketplace accounted for $65.seventy five billion in 2022 and is predicted to reach $114.five billion via way of means of 2032. In the 12 months 2022, the herbal stone section accounted for a main fifty nine percentage of the marketplace percentage with $38.eighty three billion even as the contribution of engineered stone section stood at $26.917 billion.

Global Surfaces has registered a five.2 percentage increase in consolidated income for FY22 at Rs 35.7 crore compared to the 12 months FY21. Revenue from operations withinside the equal length grew via way of means of eight.five percentage to Rs 190.three crore, however EBITDA (income earlier than interest, tax, depreciation and amortisation) declined almost 12 percentage to Rs 41.eight crore and margin dropped 502 bps to 21.ninety six percentage as in comparison to FY21.

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