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GSM Foils IPO Fully Booked Within Hours of Opening, Retail Investors Steal the Show; Learn about GMP, subscription status, more

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

The company’s prospectus states that it is engaged in the production of blister foil and pharmaceutical aluminum foil, also known as “strip foil”, which is used in the packaging of pharmaceutical drugs, including tablets and capsules. Since this is the main material used for packaging that has direct contact with the medication, great care is taken to ensure its quality. The organization has gained significant experience in various types of films used by the pharmaceutical industry in recent years.

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

According to 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 decreased by -8.3%.

GSM Foils IPO Subscription Status

GSM Foils IPO subscription status is 7.77 times, Day 1, so far.

The retail portion was subscribed 13.89 times and the NII portion was subscribed 1.65 times.

The company received bids for 2,53,52,000 shares against 32,64,000 shares on offer, as of 12:21 IST, according to data from chittorgarh.com.

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GSM Foils IPO Details

GSM Foils IPO, which is worth around $11.01 crore, consists of a fresh issue of 3,440,000 shares with a face value of $10. There is no offer to sell component.

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

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

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GSM foils IPO GMP today

GSM Foils IPO GMP is +5. This indicates that the GSM Foils share price was trading at a premium of $5 in the gray market, according to Investorgain.com.

Considering the upper end of the IPO price band and the current premium in the gray market, the expected listing price of the GSM Foils IPO was indicated at $37 each, which is 15.62% higher than the IPO price of $32.

The ‘grey market premium’ indicates the willingness of investors to pay more than the issue price.

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

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