Gabriel Pet shares had a lukewarm debut today, opening with a modest 13.86% premium at ₹115.
The Gabriel Pet Straps IPO, which opened for subscription on Wednesday, January 31, and closed on Friday, February 2, saw its price band set at ₹101 per share. The lot size for the IPO consisted of 1,200 shares, with investors allowed to bid for a minimum of 1,200 shares and in multiples thereof.
Operating under the renowned “Gabriel” brand, the company specializes in producing and marketing pet straps commonly used for packaging bulky items. These straps, ranging from 9 to 32 mm in width and 0.70 to 1.30 mm in thickness, are manufactured using a blend of virgin content raw materials such as hot-washed pet bottle flakes and non-virgin content raw materials like used pet strap grinding.
The company’s promoters include Shah Jay Pareshbhai, Varasada Vimal Dayabhai, and Kavathiya Vivek Dharmendrabhai. Notably, Vera Synthetic Limited stands as a listed peer according to the company’s DRHP.
Financially, between March 31, 2022, and March 31, 2023, Gabriel Pet Straps Limited witnessed a significant increase of 1511.96% in profit after tax (PAT) and a 54.93% rise in revenue.
The Gabriel Pet Straps IPO, valued at ₹8.06 crore, comprises a fresh issue of 7,98,000 equity shares with a face value of ₹10 each. The proceeds from the issue are intended for various purposes including land acquisition, financing capital expenditure needs for a solar power plant, repayment of borrowings, and general corporate purposes.
With a subscription status of 246.20 times on day 3, the IPO garnered strong interest from retail and non-institutional investors, with subscription rates of 122.92 times and 361.56 times, respectively. Earlier, on day 2, subscription status was at 11.64 times, and on day 1, it stood at 1.31 times.
In the grey market, the Gabriel Pet Straps IPO GMP or grey market premium stands at +50, indicating investors’ willingness to pay a premium above the issue price. This suggests an estimated listing price of ₹151 per share, representing a 49.5% increase from the IPO price of ₹101.
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