| Basis of Allotment |
THIS IS PUBLIC ANNOUNCEMENT FOR INFORMATION PURPOSES ONLY AND IS NOT A PROSPECTUS ANNOUNCEMENT AND DOES NOT CONSTITUTE AN INVITATION OR OFFER TO ACQUIRE, PURCHASE OR SUBSCRIBE FOR SECURITIES. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY OUTSIDE INDIA.
|
GLOBAL SURFACES LIMITED |
| Our Company was Incorporated under the provisions ot the Companies Act, 1956 as "Swastic Niwas Private Limited" on August 23, 1991, as a private Limited company vide Certificate or Incorporation Issued by Registrar of Companies, West Bengal. Subsequently, the name of our Company was changed to "Global Stones Private Limbed" pursuant to Special Resolution passed by the shareholders of our Company at their Extra-Ordinary General Meeting held on May 17, 2004 and a fresh Certificate of Incorporation on was Issued by the Registrar of Companies, West Bengal on May 28, 2004. Subsequently, the name of our Company was changed to "Global Surfaces Private Limned" pursuant to a Special Resolution passed by die shareholders of our Company at the Extra-Ordinary General Meeting held on October 07, 2021 and a fresh Certificate of Incorporation dated October 20, 2021 was Issued by the Registrar of Companies, Jaipur . Thereafter, our Company was converted Into a public limited company and the name was changed to "Global Surfaces Limited" pursuant to Special Resolution passed by the shareholders of our Company at the Extra-Ordinary General Meeting held on October 07, 2021 and a fresh Certificate of Incorporation dated October 21, 2021 was Issued by One Registrar of Companies, Jaipur. In the year 2021, the registered office our Company has been shifted from Kolkata, West Bengal to Jaipur, Rajasthan pursuant to Certificate of Registration of Regional Director order for Change of State dated January 15, 2021. For details In r station to tree change in our Registered of our Company, see "History and Certain Corporate Matters" beginning on page 210 of this Prospectus. |
| Registered office: Plot No. PA-10-006 Engineering and Related Industries SEZ, Mahindra World City Tehsil-Sanganer Jaipur-302037, Rajasthan. | Telephone: 0141-7191000 | Email: cs@globalsurfaces.in | Website: www.globalsurfaces.in | |
| Contact Person: Aseem Sehgal, Company Secretary and Compliance Officer; Corporate Identity Number: U14100RJ1991PLC073860 |
| OUR PROMOTER: MAYANK SHAH |
Our Company has filed the Prospectus dated March 16, 2023 with the Registrar of Companies, Jaipur, Rajasthan. The Equity Shares are proposed to be listed on the National Stock Exchange of India Limited ("NSE") and the BSE Limited ("BSE") and the trading is expected to commence on March 23, 2023.
| BASIC OF ALLOTMENT |
INITIAL PUBLIC OFFER OF UP T0 11,070,000 EQUITY SHARES OF FACE VALUE OF Rs. 10/- EACH ("EQUITY SHARES") OF GLOBAL SURFACES LIMITED ("COMPANY") FOR CASH AT A PRICE OF Rs. 140 PER EQUITY SHARE (INCLUDING A SHARE PREMIUM OF Rs. 130 PER EQUITY SHARE) ("OFFER PRICE") AGGREGATING UPTO Rs. 1,549.80 MILLION COMPRISING A FRESH ISSUANCE OF UP TO 8,520,000 EQUITY SHARES AGGREGATING UP TO Rs. 1,192.80 MILLION BY OUR COMPANY ("FRESH OFFER") AND AN OFFER FOR SALE OF UP TO 2,550,000 EQUITY SHARES AGGREGATING UP TO Rs. 357.00 MILLION BY MAYANK SHAH AND SWETA SHAH ("SELLING SHAREHOLDERS") AND SUCH EQUITY SHARES OFFERED BY THE SELLING SHAREHOLDERS, THE "OFFERED SHARES") (SUCH OFFER BY THE SELLING SHAREHOLDERS, THE "OFFER FOR SALE" AND TO GETHER WITH THE FRESH OFFER, THE "OFFER"). THE OFFER SHALL CONSTITUTE 26.12% OF THE POST- OFFER PAID-UP EQUITY SHARE CAPITAL OF OUR COMPANY.
THE FACE VALUE OF EQUITY SHARES IS Rs. 10 EACH. THE OFFER PRICE IS 14.0 TIMES THE FACE VALUE OF THE EQUITY SHARES.
| OFFER PRICE: Rs.140 PER EQUITY SHARE OF FACE VALUE OF Rs. 10 EACH |
| THE OFFER PRICE IS 14.0 TIMES OF THE FACE VALUE OF EQUITY SHARES |
| ANCHOR INVESTOR OFFER PRICE: Rs. 140 PER EQUITY SHARE |
| RISKS TO INVESTORS |
| 1. | Select financial ratios: |
| Particulars | P/E at the Floor Price (number of times)* | P/E at toe Cap Price (number of times) * |
| Market Capitalisation/Earnings (FY 22) | 12 .64 | 13.31 |
| Market Capitalisation/Total income (FY 22) | 2.27 | 2.38 |
| Enterprise Value/EBITDA (FY 22) | 11.62 | 12.18 |
| P/E Ratio | 12.64 | 13.31 |
The Offer Price, multiples and ratios may not be indicative of the market price of the Equity Shares on listing or thereafter.
| 2. | RISK FACTORS ASSOCIATED WITH OUR COMPANY |
| a. | We are dependent on a few
customers for a major part of our revenues, Further we do not enter into long-term
arrangements with our customers end any failure to continue our existing arrangements
could adversely affect our business and results of operations. Our sales are concentrated to a few customers with our top 3 customers contributing 67.38%, 73.08%, 65.41% and 60.11% respectively, and our top 10 customers contributing 83.63%, 86.04%, 82.77% and 83.14% respectively, of our revenues during the Fiscal 2020, 2021 and 2022 and the period ended September 30, 2022, respectively. |
| b. | We do not have long-term
agreements with our suppliers for raw materials and an Inability to procure the desired
quality, quantity of our raw materials in a timely manner and at reasonable costs, or at
all, may have a negative impact on our business, results of operations, financial
condition and cash flows. Our purchases of raw materials am concentrated from a few suppliers with our top 10 suppliers contributing 67.01 %, 67.95%, 76.99% and 66.38% of the total purchases of raw materials during the Fiscal 2020, 2021 and 2022 and the period ended September 30, 2022, respectively. The top 3 domestic suppliers contributed 44.05%, 33.91 %, 43.71% and 41.99% and top 3 foreign suppliers contributed 0.24%, Nil, 1.16% and Nil of the total purchases of raw material during the Fiscal 2020, 2021 and 2022 and tie period ended September 30, 2022, respectively. |
| C. | Major portion of our revenues
an derived from exports to the United States of America and any adverse developments in
this market or restrained economic or political relations of India with the United States
of America could aversely affect our business. We have historically derived a significant portion of our revenues from exports lo the United States of America. In Fiscal 2022 and period ended September 30, 2022, the revenue generated from exports to the USA represented 99.13% and 94.85% respectively of our operating revenue. |
| d. | Under-utilization of our
production capacities could have an adverse effect on our business, future prospects and
future financial performance. As of September 30, 2022, we are operating out of two Units In Jaipur, Rajasthan with an aggregate estimated Installed production capacity of 4,71,164 sq. mtr. per annum for natural stones and 5,21,643 sq. mtr. per annum for engineered quartz. In Fiscals 2020, 2021 and 2022, our overall capacity utilization for natural stones was 63%, 57.20% and 28.74%, respectively and for engineered quartz was 70.38%. 64.01 % and 68.96%, respectively. |
| e. | Our business is working
capital intensive, it we experience Insufficient cash flows from our operations or are
unable to borrow to meet our working capital requirements, it may materially and adversely
affect our business and results of operations. There can be no assurance that we will be able to effectively manage our working capital. Should we fail to effectively Implement sufficient internal control procedures and management systems to manage our working capital and other sources of financing, we may have insufficient capital to maintain and grow our business and we may breach the terms of our financing agreements with Banks, face claims under cross-default provisions and be unable to obtain new financing, any of which would have a material adverse effect on our business, results of operations, financial condition and cash flows. |
| 3. | Average cost of acquisition per
Equity Share by our Soling Shareholders namely, Mayank Shah is Rs. 2.46'* and Sweta Shah
is Rs. 0.66'* and Offer Price at upper end of the Price Band is Rs. 140 per Equity Share. *As certified by B. Khosla & Co. by way of their certificate dated June 17, 2022. |
| 4. | The Price to Earning ratio on the Offer Price of our Company may not be indicative of the market price of the equity shares on listing or thereafter. |
| Particulars | P/E at the Floor Price (number of times)* | P/E at the Cap Price (number of times)* |
| P/E ratio based on Basic EPS for Fiscal 2022 | 12.64 | 13.31 |
| P/E ratio based on Diluted EPS for Fiscal 2022 | 12.64 | 13.31 |
| 5. | Net asset value per Equity Share (face value of Rs. 10 each) |
| Particulars | Amount (Rs. in Million) (number of times)* |
| Net Asset Value per Equity Share as of September 30, 2022* | 43.98 |
| Net Asset Value per Equity Share as of March 31, 2022 | 39.58 |
| After completion of the Offer | |
| (i) At Floor price | 61.88 |
| (ii) At Cap Price | 63.29 |
| Offer Price per equity share | 63.29 |
| 6. | Comparison of accounting ratios with listed industry peers. |
| Name of the Company | For the year ended March 31, 2022 | ||||||
| Face value | Revenue from operations | Basic EPS | Diluted EPS | P/E (based on Basic) | Return on average | NAV per Equity | |
| (Rs.) | (Rs. in Mn ) (1) | (Rs.) | (Rs.) | (EPS)(2) | net worth (%)(3) | Share (Rs.)(4) | |
| Global Surfaces Limited | 10 | 1903.13 | 10.52 | 10.52 | 13.31 | 26.59 | 39.58 |
| Peer Group | |||||||
| Pokarna Limited | 2 | 6501.91 | 25.25 | 25.25 | 29.53 | 17.67 | 142.85 |
Source: All the financial information for listed industry peers mentioned above is on a consolidated basis sourced from the Annual Reports of the respective company for the year ended March 31, 2022.
Notes:
| a) | Revenue from operations has been sourced from the audited Consolidated financial results of the respective company for the year ended March 31, 2022. |
| b) | P/E Ratio has been computed based on the closing market price of equity shares on the BSE on March 31, 2022, divided by the Diluted EPS. |
| c) | Return on Net Worth (RoNW) is a measure of profitability (expressed in percentage) and is defined as net profit after tax attributable to our equity shareholders divided by our Net Worth (total shareholders' equity) for the year. "Net Worth" is defined as the aggregate of share capital and other equity. |
| d) | NAV is computed as the closing net worth divided by the closing outstanding weighted average number of equity shares. |
| 7. | Weighted Average Return on Net Worth for fiscals 2022,2021 and 2020 is 30.20% and as on September 30, 2022 is 9.12% (Not Annualized). |
| 8. | The weighted average cost of acquisition of all Equity Shares acquired in last three years, 18 months and one year preceding the date of the RHP by are as follows: |
| Period | Weighted Average Cost of Acquisition (in Rs.) | Upper end of the Price band (Rs. 140) is 'x' times the Weighted Average Cost of Acquisition | Range of acquisition price: Lowest Price - Highest Price (in Rs.) |
| Last 1 year | Nil | NA | 0-0 |
| Last 18 months | 31.43 | 4.45 | 31.43-31.43* |
| Last 3 years | 31.43 | 4.45 | 31.43-31.43* |
Note:
* The weighted average cost of acquisition has been calculated after considering the number of all the equity shares transacted in last 3 years and adjusting of issue of bonus shares.
| 9. | Weighted average cost of acquisition, floor price and cap price: |
| Type of transactions | Weighted Average Cost of Acquisition (in Rs.) | Floor Price (i.e Rs. 133) | Cap Price (i.e Rs. 140) |
| Weighted average cost of acquisition (WACA) of Primary issuances 18 month prior to RHP | NA* | NA* | NA* |
| Weighted average cost of acquisition (WACA) of secondary transactions 18 month prior to RHP | 31.43 ^ | 4.23 times ^ | 4.45 times ^ |
Note:
*There were no primary/ new issue of shares (equity/ convertible securities) transactions, other than equity shares issued pursuant to a bonus issue on March 26 , 2022, in last 18 months from the date of the Red Herring Prospectus.
^ There have been no secondary sale/ acquisitions of Equity Shares or any convertible securities, where the Promoter, members of the Promoter Group or the Selling Shareholders are a party to the transaction (excluding gifts), during the 18 months preceding the date of the Red Herring Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted paid up share capital of our Company (calculated based on the pre-offer capital before such transaction/s), in a single transaction or multiple transactions combined together over a span of rolling 30 days. Since there are no such transaction to report to under (a) and (b), the following are the details based on the last five primary or secondary transactions (secondary transactions where Promoter or members of the Promoter Group or Selling Shareholders are a party to the transaction), not older than three years prior to the date of the Red Herring Prospectus irrespective of the size of transactions.
| 10. | The BRLM associated with the Offer has handled 7 public issues in the past three years, out of which 1 issue closed below the issue price on listing date. |
Notes to select financial ratio mentioned in Risk to Investor 1:
| a) | Total Income Is for the year ended March 31, 2022. |
| b) | EBITDA refers to earnings before interest, taxes, depreciation, amortization, gain or loss from discontinued operations and exceptional items. EBITDA excludes other income but includes reversal. EBITDA has been derived from the restated financial information of the company for the year ended March 31, 2022. |
| c) | Market Capitalization refers to the total value of our company's equity shares. It has been calculated by multiplying the respective price per share with total number of outstanding shares of our company as on March 31, 2022. |
| d) | Enterprise Value = Market Cap as explained above plus Net debt as on March 31, 2022. |
| e) | Earnings refers to Profit for the year ended March 31, 2022. |
| f) | P/E Ratio has been computed based on the respective price per Equity Share divided by Basic/ Diluted EPS as on March 31 , 2022. |
| BIP/ISSUE PERIOD |
| ANCHOR INVESTOR BIDDING DATE WAS |
| FRIDAY, MARCH 10, 2023 |
| BID/ISSUE OPENED ON MONDAY, MARCH 13, 2023 |
| BID/ISSUE CLOSED ON WEDNESDAY, MARCH 15, 2023 |
The Offer has been made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended ("SCRR") read with Regulation 31 of the SEBI ICDR Regulations. The Offer has been made through the Book Building Process in accordance with Regulation 6(1) of the SEBI ICDR Regulations, wherein not more than 50% of the Offer was made available for allocation on a proportionate basis to Qualified Institutional Buyers ("QIB Portion"). Our Company, in consultation with the Book Running Lead Manager, allocated 60% of the QIB Portion to Anchor Investors, on a discretionary basis. One-third of the Anchor Investor Portion was reserved for domestic Mutual Funds, subject to valid Bids having been received from domestic Mutual Funds at or above the Anchor Investor Allocation Price, Further, 5% of the Net QIB Portion was made available for allocation on a proportionate basis to Mutual Funds only and the remainder of the Net QIB Portion was made available for allocation on a proportionate basis to all QIB Bidders including Mutual Funds, subject to valid Bids having been received at or above the Offer Price. However, if the aggregate demand from Mutual Funds was less than 5% of the Net QIB Portion, the balance Equity Shares available for allocation in the Mutual Fund Portion were added to the remaining Net QIB Portion for proportionate allocation to QIBs. Further, not less than 15% of the Offer was made available for allocation on a proportionate basis to Non-Institutional Bidders of which one-third of the Non-Institutional Category was made available for allocation to Bidders with an application size of more than Rs. 200,000 and up to Rs. 1,000,000 and two-thirds of the Non-institutional Category was made available for allocation to Bidders with an application size of more than Rs. 1,000,000 and under-subscription in either of these two sub-categories of Non- Institutional Category could be allocated to Bidders in the other subcategory of Non-Institutional Category in accordance with the SEBI ICDR Regulations, subject to valid Bids having been received at or above the Offer Price. Further, not less than 35% of the Offer was made available for allocation to Retail Individual Investors in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All potential Bidders (except Anchor Investors) were required to mandatorily utilize the Application Supported by Blocked Amount ("ASBA") process providing details of their respective ASBA accounts and UPI ID (in case of RIIs using UPI mechanism), if applicable, in which the corresponding Bid Amounts were blocked by the SCSBs or under the UPI Mechanism, as applicable. Anchor Investors were not permitted to participate in the Offer through the ASBA process. For details, see "Offer Procedure" on page 356 of this Prospectus.
The bidding for the anchor investor opened and closed on Friday, March 10, 2023. The Company received 3 applications from 3 anchor investors for 36,78,100 equity shares.
The anchor investor price was finalized at Rs. 140 per equity share. A total of 33,21,000 equity shares were allocated under the anchor investor portion aggregating to Rs. 46,49,40,000/-.
THE OFFER RECEIVED 346203 APPLICATIONS FOR 118,484,900 EQUITY SHARES (PRIOR TO TECHNICAL REJECTIONS) RESULTING IN 10.70 TIMES SUBSCRIPTION.
THE DETAILS OF THE APPLICATIONS RECEIVED IN THE OFFER FROM VARIOUS CATEGORIES ARE AS UNDER (BEFORE TECHNICAL REJECTIONS):
| Sr. No. | Category | Number of Applications Received | Number of Shares Bid for | Equity shares reserved as per Prospectus | No. of times subscribed | Amount (Rs.) |
| 1 | Retail Individual Bidders | 328,738 | 36,716,200 | 3,874,500 | 9.48 | 5,14,02,68,000 |
| 2 | Non-Institutional Bidders - more than Rs. 2 lakhs and upto*10 lakhs | 12,154 | 18,675,100 | 553,500 | 33.74 | 2,61,45,14,000 |
| 3 | Non-Institutional Bidders - more than Rs. 10 lakhs | 5,085 | 39,583,100 | 1,107,000 | 35.76 | 5,54,16,34.000 |
| 4 | Qualified Institutional Bidders (excluding Anchor Investors) | 223 | 19,832,400 | 2,214,000 | 8.96 | 2,77,65,36,000 |
| 5 | Anchor Investors | 3 | 3,678,100 | 33,21,000 | 1.11 | 51,49,34,000 |
| Total | 346,203 | 116,484,900 | 11,070,000 | 10.70 | 16,58,78,86,000 |
Final Demand
A summary of the final demand as per BSE and NSE as on the Bid/Offer Closing Date at different Bid prices is as under:
| Sr. no. | Price | Sum Quantity | % 01 Total | Cumulative Total | Percentage (%) |
| 1 | 133.00 | 158900 | 0.14 | 158900 | 0.14 |
| 2 | 134.00 | 16400 | 0.01 | 175300 | 0.15 |
| 3 | 135.00 | 69900 | 0.06 | 245200 | 0.21 |
| 4 | 136.00 | 17700 | 0.02 | 262900 | 0.23 |
| 5 | 137.00 | 26400 | 0.02 | 289300 | 0.25 |
| 6 | 138.00 | 24600 | 0.02 | 313900 | 0.27 |
| 7 | 139.00 | 24800 | 0.02 | 338700 | 0.29 |
| 8 | 140.00 | 84020800 | 73.18 | 84359500 | 73.48 |
| 9 | Cut Off | 30447300 | 26.52 | 114806800 | 100.0 |
| 114806800 | 100.00 |
The Basis of Allotment (except Anchor Investors) was finalized in consultation with the Designated Stock Exchange, being NSE, on March 20, 2023.
| A. | Allotment to Retail Individual Bidders (after Technical Rejections) (including ASBA Applications) |
The Basis of Allotment to the Retail Individual Bidders, who have bid at the Cut-Off Price or at the Issue Price of Rs. 140 per Equity Share, was finalized in consultation with NSE. This category has been subscribed to the extent of 4.97 times after technical rejections. The total number of Equity Shares Allotted in Retail Portion is 3,874,500 Equity Shares to 162,995 successful Retail Individual Bidders. The category-wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category wise) | No. of Applications Received | % to Total | Total No. of Equity Shares Applied in each Category | % of Total | No. of Equity Shares allocated per Bidder (after rounding off) | Ratio | Total No. of Equity Shares allotted | |
| 100 | 154114 | 94.55 | 15411400 | 79.93 | 100 | 29 | 122 | 3663400 |
| 200 | 4451 | 2.73 | 890200 | 4.61 | 100 | 29 | 122 | 105800 |
| 300 | 1321 | 0.81 | 396300 | 2.05 | 100 | 29 | 122 | 31400 |
| 400 | 578 | 0.35 | 231200 | 1.19 | 100 | 29 | 122 | 13700 |
| 500 | 705 | 0.43 | 352500 | 1.82 | 100 | 29 | 122 | 16800 |
| 600 | 138 | 0.08 | 82800 | 0.42 | 100 | 29 | 122 | 3300 |
| 700 | 261 | 0.16 | 182700 | 0.94 | 100 | 29 | 122 | 6200 |
| 800 | 122 | 0.07 | 97600 | 0.5 | 100 | 29 | 122 | 2900 |
| 900 | 70 | 0.04 | 63000 | 0.32 | 100 | 17 | 70 | 1700 |
| 1000 | 341 | 0.21 | 341000 | 1.76 | 100 | 29 | 122 | 8100 |
| 1100 | 39 | 0.02 | 42900 | 0.22 | 100 | 3 | 13 | 900 |
| 1200 | 29 | 0.01 | 34800 | 0.18 | 100 | 7 | 29 | 700 |
| 1300 | 35 | 0.02 | 45500 | 0.23 | 100 | 8 | 35 | 800 |
| 1400 | 791 | 0.49 | 1107400 | 5.74 | 100 | 29 | 122 | 18800 |
| GRAND TOTAL | 162995 | 100.00 | 19279300 | 100.00 | 3874500 | |||
| B. | Allotment to Non- Institutional Bidders upto 10 lakhs (after Technical Rejections) (including ASBA Applications) |
The Basis of Allotment to the Non- Institutional Bidders (upto 10 lakhs), who have bid at the issue Price of Rs. 140 per Equity Share, was finalized in consultation with NSE. The Non- Institutional Portion has been subscribed to the extent of 29.45 times. The total number of Equity Shares Allotted in this category is 553,500 Equity Shares to 10,602 successful Non- Institutional Bidders. The category-wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category wise) | No. of Applications Received | % to Total | Total No. of Equity Shares Applied in each Category | % of Total | No. of Equity Shares allocated per Bidder (after rounding off) | Ratio | Total No. of Equity Shares allotted | |
| 1500 | 10285 | 97.01 | 15427500 | 94.64 | 358 | 89 | 601 | 537000 |
| 1600 | 79 | 0.74 | 126400 | 0.77 | 3 | 7 | 46 | 4500 |
| 1700 | 32 | 0.3 | 54400 | 0.33 | 1 | 4 | 29 | 1500 |
| 1800 | 10 | 0.09 | 18000 | 0.11 | 1 | 5 | 33 | 1500 |
| 1900 | 7 | 0.06 | 13300 | 0.08 | 0 | 1 | 3 | 0 |
| 2000 | 40 | 0.37 | 80000 | 0.49 | 2 | 3 | 16 | 3000 |
| 2100 | 6 | 0.05 | 12600 | 0.07 | 0 | 1 | 3 | 0 |
| 2200 | 10 | 0.09 | 22000 | 0.13 | 1 | 0 | 0 | 1500 |
| 2300 | 2 | 0.01 | 4600 | 0.02 | 0 | 1 | 6 | 0 |
| 2500 | 7 | 0.06 | 17500 | 0.1 | 0 | 1 | 4 | 0 |
| 2600 | 1 | 0 | 2600 | 0.01 | 0 | 1 | 3 | 0 |
| 2700 | 2 | 0.01 | 5400 | 0.03 | 0 | 3 | 20 | 0 |
| 2800 | 2 | 0.01 | 5600 | 0.03 | 0 | 0 | 0 | 0 |
| 3000 | 20 | 0.18 | 60000 | 0.36 | 1 | 0 | 0 | 1500 |
| 3100 | 8 | 0.07 | 24800 | 0.15 | 0 | 1 | 5 | 0 |
| 3200 | 4 | 0.03 | 12800 | 0.07 | 0 | 0 | 0 | 0 |
| 3300 | 1 | 0 | 3300 | 0.02 | 0 | 0 | 0 | 0 |
| 3400 | 1 | 0 | 3400 | 0.02 | 0 | 1 | 4 | 0 |
| 3500 | 14 | 0.13 | 49000 | 0.3 | 1 | 0 | 0 | 1500 |
| 3600 | 7 | 0.06 | 25200 | 0.15 | 0 | 1 | 4 | 0 |
| 3300 | 1 | 0 | 3800 | 0.02 | 0 | 0 | 0 | 0 |
| 4000 | 2 | 0.01 | 8000 | 0.04 | 0 | 1 | 3 | 0 |
| 4100 | 1 | 0 | 4100 | 0.02 | 0 | 0 | 0 | 0 |
| 4500 | 36 | 0.33 | 162000 | 0.99 | 1 | 0 | 0 | 1500 |
| 4900 | 1 | 0 | 4900 | 0.03 | 0 | 0 | 0 | 0 |
| 5000 | 2 | 0.01 | 10000 | 0.06 | 0 | 0 | 0 | 0 |
| 5700 | 1 | 0 | 5700 | 0.03 | 0 | 0 | 0 | 0 |
| 5900 | 1 | 0 | 5900 | 0.03 | 0 | 1 | 3 | 0 |
| 6000 | 4 | 0.03 | 24000 | 0.14 | 0 | 0 | 0 | 0 |
| 6300 | 1 | 0 | 6300 | 0.03 | 0 | 0 | 0 | 0 |
| 6400 | 1 | 0 | 6400 | 0.03 | 0 | 0 | 0 | 0 |
| 6700 | 1 | 0 | 6700 | 0.04 | 0 | 0 | 0 | 0 |
| 7000 | 5 | 0.04 | 35000 | 0.21 | 0 | 0 | 0 | 0 |
| 7100 | 7 | 0.06 | 49700 | 0.3 | 0 | 0 | 0 | 0 |
| GRAND TOTAL | 10602 | 100.00 | 16300900 | 100.00 | 369 | 553500 | ||
| C. | Allotment to Non-Institutional Bidders more than 10 lakhs (after Technical Rejections) (including ASBA Applications) |
The Basis of Allotment to the Non-Institutional Bidders (more than 10 lakhs), who have bid at the Issue Price of Rs. 140 per Equity Share, was finalized in consultation with NSE. The Non-Institutional Portion has been subscribed to the extent of 35.10 times. The total number of Equity Shares Allotted in this category is 1,107,000 Equity Shares to 4,986 successful Non- Institutional Bidders. The category-wise details of the Basis of Allotment are as under:
| No. of Shares applied for (Category wise) | No. of Applications Received | % to Total | Total No. of Equity Shares Applied in each Category | % of Total | No. of Equity Shares allocated per Bidder (after rounding off) | Ratio | Total No. of Equity Shares allotted | |
| 7200 | 4754 | 95.35 | 34228800 | 88.07 | 1500 | 89 | 601 | 1056000 |
| 7300 | 46 | 0.92 | 335800 | 0.86 | 1500 | 7 | 46 | 10500 |
| 7400 | 29 | 0.58 | 214600 | 0.55 | 1500 | 4 | 29 | 6000 |
| 7500 | 33 | 0.66 | 247500 | 0.64 | 1500 | 5 | 33 | 7500 |
| 7600 | 3 | 0.06 | 22800 | 0.06 | 1500 | 1 | 3 | 1500 |
| 7700 | 16 | 0.32 | 123200 | 0.32 | 1500 | 3 | 16 | 4500 |
| 7800 | 3 | 0.06 | 23400 | 0.06 | 1500 | 1 | 3 | 1500 |
| 7900 | 1 | 0.02 | 7900 | 0.02 | 1500 | 0 | 0 | 0 |
| 8000 | 6 | 0.12 | 48000 | 0.12 | 1500 | 1 | 6 | 1500 |
| 8100 | 4 | 0.08 | 32400 | 0.08 | 1500 | 1 | 4 | 1500 |
| 8200 | 3 | 0.06 | 24600 | 0.06 | 1500 | 1 | 3 | 1500 |
| 8300 | 20 | 0.40 | 166000 | 0.43 | 1500 | 3 | 20 | 4500 |
| 9000 | 2 | 0.04 | 18000 | 0.05 | 1500 | 0 | 0 | 0 |
| 9200 | 2 | 0.04 | 18400 | 0.05 | 1500 | 0 | 0 | 0 |
| 10000 | 5 | 0.10 | 50000 | 0.13 | 1500 | 1 | 5 | 1500 |
| 10500 | 1 | 0.02 | 10500 | 0.03 | 1500 | 0 | 0 | 0 |
| 10600 | 1 | 0.02 | 10600 | 0.03 | 1500 | 0 | 0 | 0 |
| 10800 | 4 | 0.08 | 43200 | 0.11 | 1500 | 1 | 4 | 1500 |
| 11100 | 1 | 0.02 | 11100 | 0.03 | 1500 | 0 | 0 | 0 |
| 11300 | 4 | 0.08 | 45200 | 0.12 | 1500 | 1 | 4 | 1500 |
| 11400 | 1 | 0.02 | 11400 | 0.03 | 1500 | 0 | 0 | 0 |
| 12000 | 3 | 0.06 | 36000 | 0.09 | 1500 | 1 | 3 | 1500 |
| 12500 | 1 | 0.02 | 12500 | 0.03 | 1500 | 0 | 0 | 0 |
| 13000 | 1 | 0.02 | 13000 | 0.03 | 1500 | 0 | 0 | 0 |
| 14000 | 1 | 0.02 | 14000 | 0.04 | 1500 | 0 | 0 | 0 |
| 14400 | 2 | 0.04 | 28800 | 0.07 | 1500 | 0 | 0 | 0 |
| 15600 | 1 | 0.02 | 15600 | 0.04 | 1500 | 0 | 0 | 0 |
| 17800 | 3 | 0.06 | 53400 | 0.14 | 1500 | 1 | 3 | 1500 |
| 18000 | 1 | 0.02 | 18000 | 0.05 | 1500 | 0 | 0 | 0 |
| 19500 | 1 | 0.02 | 19500 | 0.05 | 1500 | 0 | 0 | 0 |
| 20500 | 1 | 0.02 | 20500 | 0.05 | 1500 | 0 | 0 | 0 |
| 21600 | 2 | 0.04 | 43200 | 0.11 | 1500 | 0 | 0 | 0 |
| 21700 | 1 | 0.02 | 21700 | 0.06 | 1500 | 0 | 0 | 0 |
| 28500 | 1 | 0.02 | 28500 | 0.07 | 1500 | 0 | 0 | 0 |
| 30000 | 1 | 0.02 | 30000 | 0.08 | 1500 | 0 | 0 | 0 |
| 35000 | 1 | 0.02 | 35000 | 0.09 | 1500 | 0 | 0 | 0 |
| 41400 | 1 | 0.02 | 41400 | 0.11 | 1500 | 0 | 0 | 0 |
| 43500 | 1 | 0.02 | 43500 | 0.11 | 1500 | 0 | 0 | 0 |
| 44400 | 1 | 0.02 | 44400 | 0.11 | 1500 | 0 | 0 | 0 |
| 57100 | 1 | 0.02 | 57100 | 0.15 | 1500 | 0 | 0 | 0 |
| 58000 | 1 | 0.02 | 58000 | 0.15 | 1500 | 0 | 0 | 0 |
| 60600 | 1 | 0.02 | 60600 | 0.16 | 1500 | 0 | 0 | 0 |
| 70000 | 1 | 0.02 | 70000 | 0.18 | 1500 | 0 | 0 | 0 |
| 71400 | 12 | 0.24 | 856800 | 2.20 | 1500 | 1 | 6 | 3000 |
| 86500 | 1 | 0.02 | 86500 | 0.22 | 1500 | 0 | 0 | 0 |
| 108000 | 1 | 0.02 | 108000 | 0.28 | 1500 | 0 | 0 | 0 |
| 142500 | 1 | 0.02 | 142500 | 0.37 | 1500 | 0 | 0 | 0 |
| 200000 | 1 | 0.02 | 200000 | 0.51 | 1500 | 0 | 0 | 0 |
| 322000 | 1 | 0.02 | 322000 | 0.83 | 1500 | 0 | 0 | 0 |
| 335000 | 1 | 0.02 | 335000 | 0.86 | 1500 | 0 | 0 | 0 |
| 357200 | 1 | 0.02 | 357200 | 0.92 | 1500 | 0 | 0 | 0 |
| GRAND TOTAL | 4986 | 100.00 | 38866100 | 100.00 | 1107000 | |||
| D. | Allotment to QIBs (excluding Anchor investors) (after Technical Rejections) |
Allotment to QIBs who have Bid at the Issue Price of Rs 140 per Equity Share or above, has been done on a proportionate basis in consultation with NSE. This category has been subscribed to the extent of 8.66 times of QIB Portion. Under the QlB portion, 5% was reserved for Mutual Funds, however, no mutual funds applied in the Issue. The total number of Equity Shares Allotted in this category is 2,214,000 Equity Shares on a proportionate basis, which were allotted to 10 successful QIB Bidders. The category-wise details of the Basis of Allotment are as under:
| Category | Banks | FI | MF | 1C | NBFC | AIF | FPI/FII | Others | TOTAL |
| Allotment | 5,77,290 | - | - | - | - | 2,18,517 | 2,76,117 | 11,42,076 | 2,214,000 |
| E. | Allotment to Anchor Investors |
The bidding for anchor investors opened and closed on March 10, 2023. The Company received 3 applications from 3 Anchor Investors for 3,678,100 Equity Shares. The Anchor Investor Issue Price was finalized at Rs. 140 per Equity Share. A total of 3,321,000 Equity Shares were allocated under the Anchor Investor Portion aggregating to Rs. 46,49,40,000.
| Category | FI | MF | 1C | NBFC | AIF | FPI/FII | TOTAL |
| Allotment | - | - | - | - | 3,57,200 | 29,63,800 | 3,321,000 |
The Board Meeting of our Company on March 20, 2023 has taken on record the Basis of Allotment of Equity Shares approved by the Designated Stock Exchange, being NSE and has allotted the Equity Shares to various successful Bidders. The Allotment Advice-cum- refund intimation are being dispatched to the address of the investors as registered with the depositories. Further, the instructions to the Self Certified Syndicate Banks for unblocking of funds, transfer to Public Issue Account have been issued on March 21, 2023 and payment to Non-Syndicate brokers have been issued on March 21, 2023. In case the same is not received within four days, investors may contact the Registrar to the Issue at the address given below. The Equity Shares Allotted to the successful Allottees will be uploaded on March 22, 2023 for credit into the respective beneficiary accounts subject to validation of the account details with the depositories concerned. The Company is in the process of obtaining the listing and trading approval from BSE and NSE, and the trading is expected to commence on or about March 23, 2023.
All capitalised terms used and not specifically defined herein shall have the same meaning as ascribed to them in the Prospectus.
| INVESTORS PLEASE NOTE |
The details of the Allotment made have been hosted on the website of Registrar to the Issue, Bigshare Services Private Limited at www.bigshareonline.com. All future correspondence in this regard may kindly be addressed to the Registrar to the Issue quoting full name of the First/Sole applicant Serial number of the ASBAform, number of Equity Shares bid for, name of the Member of the Syndicate, place where the bid was submitted and payment details atthe address given below:
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BIGSHARE SERVICES PRIVATE LIMITED |
| S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai - 400 093, Maharashtra, India. | |
| Telephone: 022-62638200 | |
| Facsimile: 022-63638299 | |
| Email: ipo@bigshareonline.com, | |
| Investor grievance email: investor@bigshareonline.com | |
| Website: www.bigshareonline.com | |
| Contact Person: Mr. Jibu John | |
| SEBI Registration Number: INR000001385 |
| For GLOBAL SURFACES LIMITED | |
| On Behalf of the Board of Directors | |
| Place: Jaipur | Sd/- |
| Date: March 21, 2023 | Managing Director |
THE LEVEL OF SUBSCRIPTION SHOULD NOT BE TAKEN TO BE INDICATIVE OF EITHER THE MARKET PRICE OF THE EQUITY SHARES ON USTING OR THE BUSINESS PROSPECTS OF GLOBAL SURFACES LIMITED.
Global Surfaces Limited has filed the Prospectus dated March 16, 2023 with Registrar of Companies Jaipur at Rajasthan. The Prospectus shall be available on the website of the SEBI at www.sebi.gov.in. the website of the BRLM to the Issue at www.unistonecapital.com and websites of BSE and NSE i.e. www.bseindia.com and www.nseindia.com. respectively. Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see section titled "Risk Factors" beginning on page 33 of the Prospectus.
The Equity Shares offered in the Issue have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or any state securities laws in the United States, and unless so registered, may not be offered or sold within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable U.S. state securities laws. There will be no public offering in the United States and the securities being offered in this announcement are not being offered or sold in the United States.
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