GSM Foils IPO to open for subscription on May 24; Check key dates, price band, other details

GSM Foils IPO: The initial public offering (IPO) of small- and medium-sized enterprise (SME) GSM Foils Ltd will open for subscription on Friday, May 24, 2024. The aluminum pharma foils manufacturer aims to raise ₹11 crore through the public issue which will be open for bidding till May 28,2024.

GSM Foils manufactures blister foils and aluminium pharma foils, also known as "strip foils," used for packaging pharmaceutical medicines such as capsules and tablets. The company's leading products are tested for abrasion resistance, high tensile strength, durability, bond strength, and sealing strength.

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GSM Foils IPO Details:

GSM Foils IPO is a fixed price issue of ₹11.01 crore. The issue is entirely a fresh issue of 34.4 lakh shares. GSM Foils IPO opens for subscription on May 24, 2024 and closes on May 28, 2024. The allotment for the GSM Foils IPO is expected to be finalized on Wednesday, May 29, 2024. GSM Foils IPO will list on NSE SME with tentative listing date fixed as Friday, May 31, 2024.

GSM Foils IPO price is ₹32 per share for the face value of ₹10 per share. The minimum lot size for an application is 4,000 shares. The minimum amount of investment required by retail investors is ₹128,000. The minimum lot size investment for HNI is two lots (8,000 shares) amounting to ₹256,000. 

Shreni Shares is the book running lead manager of the GSM Foils IPO, while Bigshare Services Pvt Ltd is the registrar for the issue. The market maker for GSM Foils IPO is Shreni Shares. The SME IPO has reserved 50 per cent of the net issue for retail investors and the remaining for other groups of investors.

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GSM Foils Company Details

The company has established a manufacturing facility at Sapphire Building in Thane, Vasai, Maharashtra, covering an area of 7,973 square feet. The facility is fully equipped with tools, machinery, and amenities necessary to support seamless manufacturing processes, hassle-free production, quality testing, research, storage, and packaging.

As of February 28, 2024 the company has 39 employees on payroll basis. The market capitalization of GSM Foils is ₹41 crore. GSM Foils Limited's revenue decreased by 8.3 per cent and profit after tax rose by 124.62 per cent between the financial year ending March 31, 2023 and March 31, 2022.

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The company proposes to utilize the net proceeds from the issue towards funding the following objects:
-Funding of capital expenditure towards the purchase of plant and machineries.
-Funding working capital requirements of the company.
-General corporate purposes.