GSM Foils IPO listing: Shares make flat debut, lists with no premium on NSE SME

GSM Foils share price: Shares of strip foil maker GSM Foils made a flat debut in the stock market on Friday, May 31, listing at ₹32 per share on the National Stock Exchange (NSE) Emerge platform.

The ₹11.01-crore issue, open for subscription from May 24 to May 28, was a fixed-price issue at ₹32 per equity share.

At 10:10 am, the stock was up 3.4% at ₹33.10. The total market capitalisation of the company stood at ₹42.41 crore.

The Maharashtra-based company's IPO was subscribed 240.4 times, with investors bidding for 82.69 crore shares as against 34.4 lakh equity shares on offer.

Institutional and non-institutional investors bid 259.62 times the quota reserved for them, while retail investors picked 247 times the allotted portion.

Shreni Shares Limited is the book-running lead manager for the issue, while Bigshare Services Pvt Ltd is the registrar.

About GSM Foils

GSM Foils produces strip and blister foils for the pharma industry to package medicines. The company has a nationwide presence and 39 employees.

For the nine-month period ended December 31, 2023, the company reported revenue of ₹27.1 crore, while the net profit stood at ₹1.2 crore.

The company's revenue from operations for fiscal year 2022-23 declined over 8% to ₹65.8 crore from ₹71.85 crore in the previous year. The strip foil manufacturer's net profit rose around 124% to ₹1.4 crore in FY23 as against ₹63.6 lakh in the preceding fiscal. GSM Foils' net worth also grew 26% to ₹8.3 crore in FY23 from ₹6.59 crore in FY22.