GSM Foils IPO allotment likely to be finalised on May 29: Here’s how to check status on Bigshare Services

GSM Foils Ltd IPO share allotment status is expected to be finalised on Wednesday, May 29, following the successful subscription. The GSM Foils IPO closed with an overall subscription of more than 253 times on Tuesday.

According to the NSE data, the initial public offer of the blister foils and aluminium pharma foils manufacturer received bids for more than 82.68 crore shares against 32,64,000 shares on offer, leading to an overall subscription of 253.31 times on the final day of bidding.

Investors are now keenly awaiting the share allotment by the company. The bidders can check the share allotment status of GSM Foils public issue in simple steps on the website of the IPO registrar Bigshare Services Pvt Ltd.

Here are the details about the steps to check share allotment.

Steps to check GSM Foils Ltd share allotment on IPO registrar website

• Visit Bigshare Services Pvt Ltd website at https://www.bigshareonline.com
• Select any server
• Click on IPO allotment status
• Click on GSM Foils Ltd from the dropdown list for company names
• Enter Application number or PAN
• Complete the 'captcha' to verify
• Click the "Search" button to check your allotment status

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Steps to check GSM Foils Ltd share allotment on NSE website

• Visit the NSE IPO allotment page: https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp
• Login with username and password (Investors need to create Login ID and password on the NSE website)
• Select GSM Foils Ltd
• Verify PAN
• Enter IPO application Number
• Click on Submit

It’s important to note that the IPO share allotment details will appear on screen only after the company finalises the share allocation.

GSM Foils IPO details

The ₹11.01-crore GSM Foil IPO was a fixed price offer comprising a fresh issue of 34.4 lakh equity shares. The company fixed the IPO price at ₹32 per share. The minimum lot size was 4,000 for retail investors while the minimum investment amount was ₹1,28,000.

The issue opened for subscription on May 24 and closed on May 28. The company has proposed to list the shares on NSE SME platform on Friday, May 31.

GSM Foils IPO subscription

Retail investors’ portion of the IPO was booked 247 times as bids for over 40.31 crore shares were received against 16,32,000 shares on offer. The non-institutional investors’ (NIIs) segment was booked 251 times with bids for more than 41.06 crore shares against 16.32 lakh shares reserved for the category.

Qualified Institutional Buyers(QIBs) placed bids for more than 1.3 crore shares.

About GSM Foils Ltd

The company, incorporated in 2019, is a leading manufacturer of blister foils and aluminium pharma foils, used primarily in packaging medicines and pharma products. The company operates its manufacturing unit in Thane, Maharashtra.

GSM Foils plans to invest ₹1.11 crore of IPO proceeds for funding of capital expenditure towards purchase of plant and machinery. The company stated that investment will be used to expand operational capabilities and capacity.

GSM Foils has proposed to utilise ₹7.05 crore to fund working capital requirements and the rest for general corporate purposes.

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