GSM Foils Ltd Announces IPO Offering

GSM Foils Ltd Announces IPO Offering/Pixabay

Dil Bar Irshad | May 23, 2024 | 06:44 PM IST | Breaking News | Follow on Google News

GSM Foils Ltd Announces IPO Offering

GSM Foils Ltd Announces IPO Offering

GSM Foils Ltd, a manufacturer of aluminum pharma foils, is set to launch its initial public offering (IPO) on Friday, May 24, 2024. The SME aims to raise ₹11 crore through the public issue, which will remain open for bidding until May 28, 2024.

Specializing in Blister Foils and Aluminium Pharma Foils, also known as “Strip Foils,” GSM Foils caters to the pharmaceutical industry, providing essential packaging materials for medicines like capsules and tablets. The company prioritizes quality to ensure the safety of pharmaceutical products.

Key Details of GSM Foils IPO:

• Fixed price issue of ₹11.01 crore.
• Entirely fresh issue of 34.4 lakh shares.
• Opens for subscription on May 24, 2024, and closes on May 28, 2024.
• Allotment expected to be finalized on May 29, 2024.
• Tentative listing date on NSE SME set for May 31, 2024.

Priced at ₹32 per share, the minimum lot size for an application is 4000 shares, requiring a minimum investment of ₹128,000 for retail investors. HNIs are required to invest a minimum of two lots (8,000 shares), amounting to ₹256,000.

Shreni Shares Limited serves as the book running lead manager, with Bigshare Services Pvt Ltd acting as the registrar for the issue. Shreni Shares is also the market maker for GSM Foils IPO, facilitating the trading process.

Source: Mint

Dil Bar Irshad

Dil Bar Irshad is a seasoned journalist, hails from Jammu Kashmir's Doda, covers political, social, business stories, index stories.