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NSE SME IPO of GSM Foils subscribed 16.63 times

Published on May 24, 2024 17:05

The initial public offer (IPO) of GSM Foils received bids for 5,72,08,000 shares as against 34,40,000 shares on offer, as per NSE data as of 17:00 hours on Friday (24 May 2024). The issue was subscribed 16.63 times.

The issue opened for bidding on Friday (24 May 2024) and it will close on Tuesday (28 May 2024). The price of the IPO is fixed at Rs 32 per share. The minimum order quantity is 4,000 equity shares. The equity shares will list on NSE�s SME platform.

The IPO comprises fresh issue of 34,40,000 equity shares. The promoter and promoter group shareholding will dilute to 73.14% from 99.99% Pre-IPO.

About 1,76,000 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 32,64,000 equity shares. The issue and the net issue will constitute 26.85% and 25.48% respectively of the post offer paid up equity share capital of the company.

The company intends to utilize the net proceeds to meet working capital requirements of the company, to meet funding capital expenditure towards purchase of plant and machineries and general corporate purposes.

GSM Foils is engaged in the business of manufacturing Blister Foils and Aluminium Pharma Foils it is also known as Strip Foils which is used in packing of pharmaceutical medicines which includes capsules and tablets both. It offers aluminium foils in different sizes, shapes and thickness to meet diverse needs of our clients. As of 28 February 2024, the company has 39 employees.

The company recorded revenue from operations of Rs 27.17 crore and net profit of Rs 1.24 crore for the period as on 31 December 2023.

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