Quality Foils IPO oversubscribed, issue to close tomorrow. Check latest GMP

The initial public offering (IPO) of Quality Foils (India) Limited opened for public subscription earlier this week on Tuesday, March 14, 2023 and will conclude on March 16, 2023. The price of the initial share sale is fixed at 60 per share.

As of 1:30 pm on day 2, Quality Foils (India) IPO is oversubscribed 16.99 times with retail investors’ category 18.66 times, and 13.32 times in the non-institutional investors (NII) category, as per the exchange data.

As per market observers, Quality Foils shares are commanding a premium (GMP) of 18 in the grey market today. The shares of the company are expected to list on the NSE SME platform next week on Friday, March 24, 2023. 

The finalisation of the basis of the share allotment of the public issue is expected to take place on March 21, 2023. Bigshare Services Pvt Ltd is the registrar of the public offer.

The company intends to utilize the proceeds of the issue to funding capital expenditure requirements towards purchase of machinery, to meet the working capital requirements of the company, general corporate purpose, and to meet the issue expenses.

Quality Foils (India) Limited is engaged in the manufacturing and exporting of Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/pipes. The company uses raw materials of premium quality i.e. Hot Rolled Stainless Steel Coils/Strips mainly from Jindal Stainless Hissar Limited. 

The company’s products are sold both in the domestic as well as international markets such as Germany, the UK, the Philippines, Sri Lanka, Turkey, Poland and Bogota Colombia. Kuldip Bhargava and Tejasvi Bhargava are the promoters of the company. 

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