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GSM Foils share price made a muted debut on NSE SME today. GSM Foils share price opened at the issue price of ₹32. Following a tepid opening, GSM Foils share price rose over 3%.
GSM Foils IPO began subscriptions on Friday, May 24, and ended on Tuesday, May 28. GSM Foils IPO price band was set at ₹32 per equity share with a face value of ₹10 each. The lot size for the GSM Foils IPO was 4,000 shares. GSM Foils IPO subscription status was 257.30 times, on day 3, as per chittorgarh.com. The retail portion was subscribed 247.10 times, and NII portion was booked 259.51 times.
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.
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, 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.
GSM Foils IPO GMP is +6. This indicates GSM Foils share price were trading at a premium of ₹6 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 ₹38 apiece, which is 18.75% 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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