Global Surfaces
Book Building issueMainboard₹155 Cr issue
+16.43%
Listing gain over issue price
Issue size
₹155 Cr
1 lot at cut-off
₹14,000
Lot size
100shares
Open
13 Mar 2023
Close
15 Mar 2023
Allotment
20 Mar 2023
Listing
23 Mar 2023
Listing performance
Issue price
₹140
Listed at
₹163
Listing-day close
₹171.05
Latest price
₹23.90
Close on 23 Oct 2026
Listing gain
+16.43%
Return since issue
-82.93%
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 13 Mar 2023 – 15 Mar 2023
- Listing date
- 23 Mar 2023
- Face value
- ₹10 per share
- Issue price
- ₹140 per share
- Lot size
- 100 shares
- Issue type
- Book Building issue
- Total issue size
- ₹155 Cr
- Market cap at offer price
- ₹593 Cr
- Promoter holding
- 99.35% → 73.36% pre-issue → post-issue
- ISIN
- INE0JSX01015
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Unistone Capital Pvt.Ltd.
- Registered office
- Plot No.PA-10-006, Engineering and Related Industries SEZ, Mahindra World City, Sanganer, Rajasthan
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Anchor investor · within QIB | 33,21,000 | — | — |
| Market maker | 0 | — | — |
Application size
Minimum 100 shares per lot, in multiples, at ₹140
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 100 | ₹14,000 |
| Retail (max) | 14 | 1,400 | ₹1,96,000 |
| S-HNI (min) | 15 | 1,500 | ₹2,10,000 |
| S-HNI (max) | 71 | 7,100 | ₹9,94,000 |
| B-HNI (min) | 72 | 7,200 | ₹10,08,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Anchor investors
Institutional allocation placed a day before the issue opens, carved out of the QIB portion and locked in after listing.
Shares allocated
33,21,000
Anchor portion
₹46.49 Cr
at ₹140 per share
Valuation and performance
Valuation at offer price
₹140 per share
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 10.52 | — |
| P/E (×) | 13.31 | — |
| Market cap | — | ₹593 Cr |
Key performance indicators
Latest reported period
- Return on net worth
- 32.51%
- ROCE
- 20.85%
- Debt / equity
- 0.28
- PAT margin
- 18.72%
- EBITDA margin
- 21.97%
- NAV per share
- ₹39.58
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About Global Surfaces
Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. Natural stones include products such as granite, limestone, marble, slate, quartzite, onyx, sandstone, and travertine, known for their uniqueness and aesthetic appeal. Engineered quartz is a composite material made from crushed stone bonded with resin and adhesive, manufactured with up to 93% natural quartz for superior durability. The company operates two production units in Jaipur, Rajasthan with an aggregate installed capacity of 4,71,164 sq. mtr. per annum for natural stones and 5,21,643 sq. mtr. per annum for engineered quartz. The company is also establishing a proposed facility in Dubai through its wholly-owned subsidiary Global Surfaces FZE for manufacturing engineered quartz. The company derives the majority of its revenues from exports, particularly to the United States.
Company Analysis
from RHPGlobal Surfaces Limited processes natural stones and manufactures engineered quartz for the countertop industry, serving primarily export markets in the United States.
Global Surfaces Limited is engaged in the business of processing natural stones and manufacturing engineered quartz. Natural stones include products such as granite, limestone, marble, slate, quartzite, onyx, sandstone, and travertine, known for their uniqueness and aesthetic appeal. Engineered quartz is a composite material made from crushed stone bonded with resin and adhesive, manufactured with up to 93% natural quartz for superior durability. The company operates two production units in Jaipur, Rajasthan with an aggregate installed capacity of 4,71,164 sq. mtr. per annum for natural stones and 5,21,643 sq. mtr. per annum for engineered quartz. The company is also establishing a proposed facility in Dubai through its wholly-owned subsidiary Global Surfaces FZE for manufacturing engineered quartz. The company derives the majority of its revenues from exports, particularly to the United States.
Natural Stone ProcessingEngineered Stone ManufacturingCountertop Industry
Objects of the Issue
- Investment in Global Surfaces FZE for part-financing its capital expenditure requirements in relation to the setting up of the Proposed Facility ₹900 million p.27
- General corporate purposes p.27
- Investment in 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 ₹900.00 million p.119
- General corporate purposes p.119
- Investment in wholly-owned subsidiary Global Surfaces FZE for part-financing its capital expenditure requirements for setting up manufacturing facility for engineered quartz at Jebel Ali Free Zone, Dubai, UAE ₹900.00 Million p.121
- General Corporate Purposes ₹[●] Million (balance of Net Proceeds, subject to not exceeding 25% of total Net Proceeds) p.128
Issue Structure
- Total Issue
- Up to ₹ [●] Million
- Fresh Issue
- Up to 8,520,000 Equity Shares aggregating up to ₹ [●] Million
- Offer for Sale
- Up to 2,550,000 Equity Shares aggregating up to ₹ [●] Million
- Price Band
- [●] per Equity Share (Floor Price) to [●] per Equity Share (Cap Price)
- Lot Size
- [●] Equity Shares
- Face Value
- ₹10
Business Model
The company earns revenue through the processing and sale of natural stones and the manufacturing and sale of engineered quartz products. The company operates on a purchase order basis with customers, typically without long-term formal arrangements. Raw materials are procured from suppliers on a purchase order basis. The company sells its products under various labels and serves customers primarily through a network of customers in international markets. In Fiscal 2022 and the period ended September 30, 2022, 99.13% and 94.85% respectively of operating revenue was generated from exports to the USA.
Business Segments
Processing of natural stones including granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine and others quarried from the earth for use in countertops and other applications
Manufacturing of engineered quartz, a composite material made up of crushed stone bonded by an adhesive used in the countertop industry, manufactured by bonding up to 93% natural quartz with pigments, aggregates, and polymer resins
Manufacturing and exporting natural and engineered stone products, including engineered quartz products
Processing of natural stones including granite, marble, limestone, quartzite for use in flooring, wall cladding, and cut-to-size applications
Manufacturing of engineered quartz composite material (93% crushed stone bonded with resin) for countertops, flooring, wall cladding, and other interior applications
Processing of natural stone blocks including marble, granite, and quartzite into finished slabs through sawing, grinding, polishing, and calibration for use in construction, architectural, and residential applications.
Manufacturing of engineered quartz products composed of 90-94% ground quartz particles bound with 6-10% resins and pigments, available in multiple colors and patterns for use as countertops, backsplashes, walls, and floors.
Manufacturing of engineered quartz slabs used in countertops and surfaces, composed of crushed stone bonded by an adhesive made from quartz crystals bonded with a resin binder
Processing of natural stones including granite, limestone, marble, slate, quartzite, onyx, sandstone, travertine and others for use in countertops and surfaces
SWOT Analysis
Strengths
- • Established business in natural stone processing and engineered quartz manufacturing(p.27)
- • Long-term operational history since 1991 with established customer relationships(p.2)
- • Significant revenue generation from exports to USA market(p.39)
- • Multiple subsidiaries to support international expansion(p.5)
- • Positive financial performance with growing profitability(p.28)
- • High export revenue concentration in USA market(p.56)
- • Established relationship with customers and consistent delivery performance(p.57)
- • Strong promoter ownership and management continuity(p.62)
- • Backup power generation capacity operational(p.58)
- • Low employee attrition at key managerial level(p.62)
- • Consistent multi-category growth over 11 years(p.187)
- • Diversified product portfolio with engineered quartz dominance(p.187)
- • Strong export-focused business model(p.187)
- • Experienced promoter with turnaround track record(p.187)
- • Robust quality control and R&D infrastructure(p.188)
- • 18 years of market presence with competitive edge in stone quality and product range(p.204)
- • Granite and marble segments represent 66% of natural stone market share(p.190)
- • Granite comprises 70-80% of Earth's crust and represents two-fifths of global natural stone market(p.192)
- • Engineered quartz has higher profitability margins compared to natural stone(p.199)
- • Quality certifications demonstrating operational excellence(p.204)
- • Consistent growth in engineered quartz demand in international markets(p.199)
- • Experienced management with established market presence(p.304)
- • Growing engineered quartz segment with higher growth trajectory(p.304)
- • Diversified revenue base across markets and products(p.307)
- • Strong profitability margins maintained over periods(p.311)
- • Improving EBITDA and operational efficiency(p.305)
Weaknesses
- • High customer concentration with top 3 customers representing 60-73% of revenues(p.37)
- • No long-term arrangements with customers exposing business to cancellation risk(p.37)
- • Dependence on few suppliers for raw materials with top 10 suppliers contributing 67-77% of purchases(p.38)
- • Significant contingent liabilities including income tax demand of ₹49.89 million(p.52)
- • Missing historical statutory records and documents without assured resolution(p.46)
- • Breach of production limits approved by pollution control board(p.53)
- • Significant debt obligations with ₹505.19 million in total borrowings(p.45)
- • Heavy dependence on a few major customers(p.56)
- • Past delays/defaults in statutory dues payment(p.57)
- • Past instances of delayed/incorrect filings with Registrar of Companies(p.57)
- • No formal labour dispute redressal policy(p.59)
- • High labour attrition rates(p.62)
- • No formal data security policy(p.65)
- • Promoter personal guarantee on company debt(p.67)
- • High dependence on single geographic market(p.187)
- • EBITDA margin compression in recent periods(p.186)
- • Increased capital expenditure and rising debt servicing obligations(p.120)
- • High concentration of raw material costs (45-51% of revenue from operations)(p.200)
- • Significant capital work-in-progress and expansion execution risks(p.199)
- • Limited technical collaborations(p.203)
- • Heavy reliance on third-party logistics without long-term contracts(p.203)
- • Capacity utilization challenges in natural stones (28.74% in FY 2021-22)(p.199)
- • High dependence on few major customers creating concentration risk(p.295)
- • Elevated finance costs and debt obligations(p.309)
- • Rising cost of raw materials impacting margins(p.308)
- • Significant capital commitments requiring execution(p.296)
- • Contingent tax liabilities from search assessment(p.295)
- • High concentration of customer base(p.321)
- • Significant supplier concentration(p.321)
- • High financial leverage from multiple borrowings(p.314)
- • Contingent tax liabilities and regulatory exposure(p.317)
- • Promoter litigation involving tax proceedings(p.328)
- • Working capital intensity requiring external funding(p.322)
Opportunities
- • Expansion through new Proposed Facility in Dubai for engineered quartz manufacturing(p.28)
- • Geographic expansion into new markets and regions particularly in Middle East(p.43)
- • Growing demand for engineered quartz products in international markets(p.27)
- • Growing niche and engineered stone product categories(p.59)
- • Expansion into new geographic markets with new customer relationships(p.57)
- • Development of engineered stone facility in UAE(p.119)
- • Benefits from public listing and enhanced brand visibility(p.119)
- • Global engineered stone market growth at higher CAGR(p.185)
- • Strategic Dubai facility to access LAMEA markets(p.188)
- • Tax and duty benefits from UAE free zone operations(p.188)
- • Expansion into new geographic markets and customer segments(p.188)
- • Growing engineered quartz demand internationally with higher margins(p.199)
- • Expansion into international markets through proposed UAE facility(p.199)
- • Rising adoption of natural stone in residential construction(p.190)
- • Durability and aesthetic advantages of natural stone driving market demand(p.190)
- • Digital marketing adoption to reach new customer segments(p.203)
- • Expansion into higher-growth engineered stone segment(p.304)
- • Global market growth trajectory in stone industry(p.304)
- • Establishment of manufacturing facility in Middle East(p.287)
- • Substantial secured financing for Dubai facility expansion(p.304)
- • Growing preference for engineered stone over alternatives(p.304)
- • Expansion into SEZ with new facility(p.333)
- • Growing production capacity(p.315)
- • International export presence(p.318)
- • Strong equity growth trajectory(p.316)
Threats
- • Ongoing impact and uncertainty of COVID-19 pandemic on business operations and demand(p.37)
- • Anti-dumping and countervailing duties imposed by USA on engineered quartz from India(p.39)
- • Severe dependence on USA market for 94-99% of export revenues creating geopolitical risk(p.39)
- • Significant exposure to raw material price volatility and currency fluctuations(p.38)
- • Rising freight costs due to global fuel price inflation and geopolitical tensions(p.51)
- • Regulatory changes and environmental compliance requirements becoming increasingly stringent(p.53)
- • Production capacity under-utilization particularly in natural stones segment(p.47)
- • Geographic concentration of all production units in Jaipur, Rajasthan creating localized disruption risk(p.54)
- • Heavy reliance on single port (Mundra) for majority of exports(p.54)
- • Heavy reliance on US market creates currency and geopolitical risk(p.56)
- • Exposure to disruptions in freight and delivery logistics(p.57)
- • Risk from stringent environmental regulations(p.58)
- • Dependence on electricity supply and cost volatility(p.58)
- • Vulnerability to raw material price fluctuations and supply restrictions(p.63)
- • Highly competitive and fragmented industry(p.64)
- • Dependency on real estate and infrastructure market cycles(p.64)
- • Foreign exchange volatility risk(p.67)
- • Global geopolitical and economic instability(p.68)
- • Fluctuation in raw material prices impacting profitability(p.180)
- • High shipping costs and marine freight volatility(p.167)
- • Highly competitive engineered stone industry with low entry barriers(p.180)
- • Health and regulatory risks related to silica exposure(p.179)
- • US anti-dumping duties on engineered quartz creating tariff barriers(p.172)
- • Facility commissioning and cost overrun risks(p.122)
- • Fragmented and competitive natural stone market with large and small players(p.204)
- • Raw material sourcing dependencies and supply chain vulnerabilities(p.200)
- • Dependence on third-party water suppliers increasing operational costs(p.198)
- • Subject to multiple environmental compliance and pollution control regulations(p.204)
- • Competition based on price, quality and product range in crowded market(p.204)
- • Intense competition from numerous global manufacturers(p.305)
- • Volatility in raw material prices particularly resin(p.305)
- • Regulatory restrictions on VOCs in engineered quartz(p.305)
- • Availability of cheaper alternative flooring materials(p.305)
- • Product quality issues with engineered quartz including resin pooling(p.305)
- • Foreign currency exchange risk exposure(p.318)
- • Competitive industry conditions(p.321)
- • Floating interest rate exposure(p.319)
- • Credit risk from counterparties(p.320)
- • Future cost-revenue relationship subject to external factors(p.320)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mayank Shah | Promoter | 73.55% | — |
| Sweta Shah | Promoter Group | 25.80% | — |
| Mayank Shah | Promoter | 73.55% | — |
| Sweta Shah | Promoter Group | 10.48% | — |
| Mayank Shah HUF | Promoter Group | 8.54% | — |
| Vatsankit Shah Trust | Promoter Group | 2.50% | — |
| Mridvika Shah | Promoter Group | 3.17% | — |
| Mayank Shah | Promoter | — | — |
| Mayank Shah | Promoter | 73.55% | — |
| Mayank Shah | Promoter | 73.55% | — |
| Mayank Shah | Promoter/Selling Shareholder | — | — |
| Sweta Shah | Promoter/Selling Shareholder | — | — |
Leadership
Mayank Shah · Chairman and Managing Director
Rajesh Gattani · Chief Financial Officer
Aseem Sehgal · Company Secretary and Compliance Officer
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.
Global Surfaces IPO FAQs
What is the lot size of Global Surfaces IPO?
The minimum lot size of Global Surfaces IPO is 100 shares. One lot costs ₹14,000 at the cut-off price.
When does Global Surfaces IPO open and close?
Global Surfaces IPO opened for subscription on 13 Mar 2023 and closed on 15 Mar 2023.
What is the listing date of Global Surfaces IPO?
Global Surfaces IPO listed on 23 Mar 2023.