Global Surfaces IPO
Global Surfaces Limited (GSLSU) · mainboard IPO on NSE and BSE · 100% Book Building. Listed on 23 March 2023.
Issue details
Listing day
Back-tested estimate (from a model that had only seen earlier years' IPOs): listing gain +7.0% (likely range -9% to +22%), day's high +12.0%, chance of a gain 82%. Actual: +17.1% at the open, +23.0% at the high.
Subscription status
| Category | Shares offered | Shares bid for | Subscribed | |
|---|---|---|---|---|
| QIB (institutions) | 22,14,000 | 1,98,25,200 | 8.95x | |
| NII (HNI) total | 16,60,500 | 5,49,62,600 | 33.1x | |
| Big NII (above ₹10 lakh) | 11,07,000 | 3,87,50,100 | 35.0x | |
| Small NII (₹2-10 lakh) | 5,53,500 | 1,62,12,500 | 29.3x | |
| Retail | 38,74,500 | 1,98,26,600 | 5.12x | |
| Total | 77,49,000 | 9,46,14,400 | 12.2x |
Bids on NSE and BSE together, as published by NSE, as of 15 Mar 2023, 07:00 PM. Shares offered exclude the anchor portion. 17% of all shares bid for were at the cut-off price.
Past IPOs with similar demand
Earlier mainboard IPOs whose QIB, NII and retail subscription and size were closest to Global Surfaces's, and how they listed.
| IPO | QIB | NII | Retail | Total | Size | Listing gain | Day high |
|---|---|---|---|---|---|---|---|
| HPL Electric and PowerSep 2016 | 5.77x | 22.2x | 3.31x | 8.06x | ₹417 Cr | -5.9% | -2.0% |
| PSP ProjectsMay 2017 | 8.38x | 10.4x | 6.47x | 8.58x | ₹212 Cr | -9.5% | -5.0% |
| RateGain Travel TechnologiesDec 2021 | 8.42x | 42.0x | 8.08x | 17.4x | ₹1,336 Cr | -15.3% | -9.9% |
| Fine Organic IndustriesJun 2018 | 12.9x | 21.0x | 1.62x | 8.99x | ₹600 Cr | +4.1% | +6.5% |
| Dilip BuildconAug 2016 | 9.76x | 79.6x | 2.35x | 20.9x | ₹672 Cr | +9.6% | +16.4% |
| AGS Transact TechnologiesJan 2022 | 2.68x | 25.6x | 3.08x | 7.79x | ₹717 Cr | 0.0% | +3.9% |
Lead managers and their listing record
| Book running lead manager | Mainboard IPOs since 2019 | Avg listing gain | Listed at a premium |
|---|---|---|---|
| Unistone Capital | 13 | +47.7% | 100% |
Offer documents (NSE)
Frequently asked
What is the Global Surfaces IPO price band and lot size? ₹133–140 per share, with a lot of 100 shares, so the smallest retail bid is ₹14,000.
How many times has it been subscribed? 12.2x overall: QIB 8.95x, NII 33.1x, retail 5.12x.
How did it list? It opened at ₹164, +17.1% against the issue price of ₹140, and closed its first day +22.2%.
