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Business News/ Markets / Stock Markets/  GSM Foils IPO share allotment: How to check status? A step-by-step guide
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GSM Foils IPO share allotment: How to check status? A step-by-step guide

GSM Foils IPO allotment is expected to be finalised today. Shares will be credited to demat accounts on May 30, 2024. GSM Foils IPO has received a tremendous response from all investors, as it has been subscribed to 257.30 times.

About company: GSM Foils manufactures blister foils and aluminum pharmaceutical foils, also known as strip foils, which are used for packaging pharmaceutical products like capsules and tablets. (iStock)Premium
About company: GSM Foils manufactures blister foils and aluminum pharmaceutical foils, also known as strip foils, which are used for packaging pharmaceutical products like capsules and tablets. (iStock)

GSM Foils IPO Allotment Update: After receiving a stellar response from investors during the bidding period from May 24 to May 28, attention now turns to the allotment procedure for the GSM Foils IPO.

The allotment for the GSM Foils IPO is expected to be finalised today. Investors can monitor their allotment status through the registrar, Bigshare Services Pvt. Ltd.

With oversubscription in the retail category, shares will be allocated to retail individual investors (RIIs) on a proportional basis. For those who do not receive an allotment, GSM Foils will commence the refund process for the application money on May 30, 2024.

Also Read: Also Read: Novelis IPO: US subsidiary of Hindalco declares price band at $18-$21 per share

Concurrently, allotted shares will be credited to investors' demat accounts on the same day following the refund process. GSM Foils is an SME IPO, with shares slated to be listed on the NSE SME platform, tentatively scheduled for May 31, 2024.

Steps to check GSM Foils IPO allotment status

If you have applied for the GSM Foils IPO, you can check your allotment status on the website of the IPO registrar, Bigshare Services Pvt. Ltd.

Step 1: Visit the IPO registrar’s website at this link: https://ipo.bigshareonline.com/ipo_status.html

Step 2: Select ‘GSM Foils’ in the ‘Company Selection’ dropdown menu.

Step 3: Choose among the application number, beneficiary ID, or PAN. 

Step 4: Enter the details as per the option selected.

Step 5: Enter the Captcha and hit the ‘Search’ option.

Your GSM Foils IPO allotment status will be displayed on the screen.

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About GSM Foils

GSM Foils manufactures blister foils and aluminum pharmaceutical foils, also known as "strip foils," which are used for packaging pharmaceutical products like capsules and tablets. 

As primary packaging materials that come into direct contact with the medicine, these foils are produced with the highest quality standards, the company said in its DRHP report. 

It operates a manufacturing facility located in the Sapphire Building in Thane, Vasai, Maharashtra, spanning 7,973 square feet across four floors. This facility, according to the company, is fully equipped with the necessary tools, machinery, and amenities to ensure seamless manufacturing processes, efficient production, thorough quality testing, research, storage, and packaging.

Also Read: DOMS Industries share price rises 10% to all time high, up 150% over IPO price

GSM Foils IPO details

The GSM Foils IPO comprises a fresh issue of 34.6 lakh shares, with a total issue size of 11 crore. The IPO price is set at 32 per share. The company plans to utilise the proceeds from the IPO to fund capital expenditures for purchasing plant and machinery, working capital requirements, and general corporate purposes.

GSM Foils subscription status

GSM Foils IPO has received a tremendous response from all investors, as it has been subscribed to 257.30 times. Notably, the retail portion was subscribed to 247 times, while the non-institutional investor (NII) portion was subscribed to 259.29 times. 

Also Read: Awfis Space IPO allotment finalised; here's how to check status

The company has received bids for 83,982,24,000 shares against 32,64,000 shares on offer, according to data on chittorgarh.com.

Disclaimer: We advise investors to check with certified experts before making any investment decisions.

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Published: 29 May 2024, 07:43 PM IST
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