Shares of GSM Foils were quoting at Rs 33.60 on the NSE, a premium of 5% compared with the issue price of Rs 32.
The scrip was listed at Rs 32, matching the initial public offer (IPO) price. The stock is currently frozen in its upper limit of 5% over its listing price.The counter hit a high of Rs 33.60 and a low of Rs 30.50. About 18.64 lakh shares of the company changed hands at the counter.
GSM Foils' IPO received was subscribed 240.39 times. The issue opened for bidding on 24 May 2024 and it closed on 28 May 2024. The price of the IPO was fixed at Rs 32 per share.
The IPO comprised fresh issue of 34,40,000 equity shares. The promoter and promoter group shareholding diluted to 73.14% from 99.99% pre-IPO.
The company intends to utilise the net proceeds to meet working capital requirements of the company, to meet funding capital expenditure towards purchase of plant and machineries and general corporate purposes.
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GSM Foils is engaged in the business of manufacturing blister foils and aluminium pharma foils it is also known as strip foils which is used in packing of pharmaceutical medicines which includes capsules and tablets both. It offers aluminium foils in different sizes, shapes and thickness to meet diverse needs of our clients. As of 28 February 2024, the company has 39 employees.
The company recorded revenue from operations of Rs 27.17 crore and net profit of Rs 1.24 crore for the period as on 31 December 2023.
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