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Shares of Global Surfaces Ltd, which is into processing natural stones and manufacturing engineered quartz, made a smart debut on the exchanges on Thursday, listing with a premium of over 17 per cent against the issue price of Rs 140.

The stock made its debut at Rs 163, higher by 16.42 per cent from the issue price on the BSE. It further rallied 22.25 per cent to Rs 171.15.

At the NSE, shares of the company began the trade at Rs 164, a jump of 17.14 per cent.

The initial share sale of Global Surfaces Ltd was subscribed 12.21 times on the final day of the offer on Wednesday last week.

The company’s IPO had a fresh issuance of 85.20 lakh equity shares and an Offer For Sale of up to 25.5 lakh equity shares.

Global Surfaces had set a price band of Rs 133-140 a share for its Initial Public Offering (IPO). The initial share sale opened for subscription on March 13 and ended on March 15.

Funds raised through fresh issuance will be used for setting up the company’s proposed facility — Global Surfaces FZE — in Dubai. PTI SUM HVA