GSM Foils IPO booked over 17 times on day 1, retail portion subscribed 30x: Check latest subscription and other details

GSM Foils IPO opened to strong demand from investors on Friday, May 24. The initial public offering from the aluminium pharma foils manufacturer was booked more than 17 times on the first day of bidding.

The NSE SME public offer received bids for more than 5.72 crore shares against 32.64 lakh shares on offer leading to an overall subscription of 17.62 times, the NSE data showed.

The retail portion of the public issue saw the highest demand with biddings for more than 4.89 crore shares against 16.32 lakh shares on offer for the category. The retail portion was subscribed 29.97 times. The non-institutional investors’ (NIIs) segment was booked 5.06 times as the investors applied for 82.72 lakh shares against 16.32 lakh shares set aside for them.

In the qualified institutional buyers’ (QIBs) category the public issue received bids for 24,000 shares on the first day of subscription.

GSM Foils IPO subscription opened on May 24 and will close on May 28.

The IPO is a fixed price offer worth ₹11-crore and comprises an entirely fresh issue of 34.4 lakh shares.

GSM Foils IPO price band, lot size and minimum investment

GSM Foils IPO share price has been fixed at ₹32 apiece. Retail investors need to bid for a minimum lot size of 4,000 shares aggregating to a minimum investment of ₹1,28,000.

The registrar for the issue is Bigshare Services Pvt Ltd. The book running lead manager of the GSM Foils IPO is Shreni Shares.

GSM Foils IPO allotment and listing dates

GSM Foils IPO share allotment is likely to be finalised on Wednesday, May 29. Shares will be credited to the Demat accounts of successful bidders on Thursday, May 30 and the refunds will be initiated for non-allottees the same day.

GSM Foils shares will tentatively list on Friday, May 31, on the NSE SME platform, Emerge.

GSM Foils IPO objective

GSM Foils intends to use the money raised through the public issue for funding capital expenditure for purchasing plant and machinery. The money will also be used for funding working capital requirements of the company.

About GSM Foils

Incorporated in 2019, GSM Foils Ltd is a manufacturer of blister foils and aluminium pharma foils which are also called ‘strip foils’. These foils are used for packaging medicines. The company’s manufacturing facility is located in Thane, Maharashtra.