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Business News/ Markets / Ipo/  GSM Foils IPO subscribed 257.30 times on day 3 led by retail investors; check GMP, subscription status, more
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GSM Foils IPO subscribed 257.30 times on day 3 led by retail investors; check GMP, subscription status, more

GSM Foils IPO subscriptions began on May 24 and will end on May 28 at a price band of ₹32 per share. The company produces Blister Foils and Aluminium Pharma Foils for pharmaceutical packaging. Promoters are Mohansingh L. Parmar and Sagar Girish Bhanushali.

GSM Foils IPO has began subscriptions on Friday, May 24, and will end on Tuesday, May 28. (https://www.gsmfoils.com/)Premium
GSM Foils IPO has began subscriptions on Friday, May 24, and will end on Tuesday, May 28. (https://www.gsmfoils.com/)

GSM Foils IPO has began subscriptions on Friday, May 24, and will end on Tuesday, May 28. GSM Foils IPO price band has been set at 32 per equity share with a face value of 10 each. The lot size for the GSM Foils IPO is 4,000 shares. 

The company's prospectus states that it is in the business of producing Blister Foils and Aluminium Pharma Foils, also referred to as "Strip Foils," which are used in the packaging of pharmaceutical medications, including both tablets and capsules. Since this is the main material used for packaging that has direct touch with the medication, great care is taken to ensure its quality. The organisation has gained significant expertise in several foil kinds utilised by pharmaceutical industries in the last few years.

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Mohansingh L. Parmar and Sagar Girish Bhanushali are the company's promoters.

As per the prospectus, the company's listed peers are MMP Industries Ltd and Synthiko Industries Ltd. 

Between March 31, 2022, and March 31, 2023, GSM Foils Limited's profit after tax (PAT) increased by 124.62% while its sales declined by -8.3%.

GSM Foils IPO subscription status 

GSM Foils IPO subscription status is 257.30 times, on day 3.

The retail portion was subscribed 247.10 times, and NII portion was booked 259.51 times. 

The company has received bids for 83,98,24,000 shares against 32,64,000 shares on offer, according to data on chittorgarh.com.

GSM Foils IPO subscription status was 18.43 times on day 1, and the issue was booked 68.35 times on day 2.

Also Read: HOAC Foods Listing: Stock makes stellar market debut, lists at 206% premium at 147

GSM Foils IPO details 

GSM Foils IPO, which is worth about 11.01 crore, consists of a fresh issue of 3,440,000 equity shares with a face value of 10. There is no offer-for-sale component.

The business intends to use the net proceeds from the issue to finance the following goals: general corporate objectives, working capital requirements, and capital expenditures for the purchase of plant and machinery.

Bigshare Services Pvt Ltd is the registrar for the GSM Foils IPO, while Shreni Shares Limited is the book running lead manager. Shreni Shares is the market maker for the IPO of GSM Foils.

Also Read: Rulka Electricals share price makes a bumper debut, stock opens with 123% premium at 525 apiece on NSE SME

GSM Foils IPO GMP today

GSM Foils IPO GMP is +10. This indicates GSM Foils share price were trading at a premium of 10 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, GSM Foils IPO expected listing price was indicated at 42 apiece, which is 31.25% higher than the IPO price of 32.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.

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Published: 24 May 2024, 12:29 PM IST
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