GSM Foils IPO Takes Market by Storm, Fully Subscribed Within Hours—Check GMP and Other Details!
The IPO for GSM Foils opened for subscription on Friday, May 24, and will close on Tuesday, May 28. The price for each share has been set at ₹32, with each lot consisting of 4,000 shares.
GSM Foils specializes in producing Blister Foils and Aluminium Pharma Foils, also known as “Strip Foils,” used for packaging tablets and capsules in the pharmaceutical industry. The company emphasizes high-quality production due to the direct contact these foils have with medications. Over the years, they have developed significant expertise in various foil types used by pharmaceutical companies.
The company’s promoters are Mohansingh L. Parmar and Sagar Girish Bhanushali. According to their prospectus, GSM Foils’ listed competitors include MMP Industries Ltd and Synthiko Industries Ltd.
Between March 31, 2022, and March 31, 2023, GSM Foils saw a 124.62% increase in profit after tax (PAT) despite an 8.3% decline in sales.
GSM Foils IPO Subscription Status
On the first day, the IPO was subscribed 7.77 times. The retail portion was subscribed 13.89 times, and the Non-Institutional Investor (NII) portion was booked 1.65 times. By 12:21 PM IST, the company received bids for 2,53,52,000 shares, while only 32,64,000 shares were available.
GSM Foils IPO Details
The IPO is valued at about ₹11.01 crore, with a fresh issue of 3,440,000 equity shares at ₹10 each. There is no offer-for-sale component. The funds raised will be used for general corporate purposes, working capital, and to purchase plant and machinery.
Bigshare Services Pvt Ltd is the registrar for the IPO, and Shreni Shares Limited is the lead manager and market maker for the IPO.
GSM Foils IPO Grey Market Premium (GMP)
The GMP for GSM Foils is currently +5. This means that shares are trading at a ₹5 premium in the grey market, suggesting an expected listing price of ₹37 per share, which is 15.62% higher than the IPO price of ₹32.
The grey market premium indicates that investors are willing to pay more than the IPO price for the shares.
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