GSM Foils IPO allotment to be finalised today. Here's how you can check status

After getting a bumper response for the IPO, GSM Foils is likely to finalise the share allotment process today. Investors can check the status of GSM Foils IPO allotment by logging in to the official website of the registrar, which is Bigshare Services in this case.

Follow the step-by-step process mentioned below to check the status of allotment.

Step 1: Visit the IPO Allotment Status page on Link Intime India website

Step 2: Select IPO from the dropdown

Step 3: Put the application number, enter captcha and hit 'Submit'.

GSM Foils IPO GMP

In the unlisted market, the company's shares are trading at a premium of Rs 5. If the trends sustain, the company's shares are expected to get over 10% gains on May 31. The company had priced the IPO at Rs 32 at the upper end.

Also Read: Ztech India IPO opens on May 29. Check price band, GMP and other details

The Rs 11 crore SME IPO of GSM Foils was subscribed over 200 times at close, driven by robust demand across categories. The IPO was entirely a fresh equity issue of 34.4 lakh shares.

The net proceeds from the public offer will be used to purchase plant and machinery for existing manufacturing facilities, funding working capital requirements and other general corporate purposes.

GSM Foils is engaged in the business of manufacturing Blister Foils and Aluminium Pharma Foils (also known as Strip Foils) which are used in the packaging of pharmaceutical medicines which include both capsules and tablets.

India's pharmaceutical industry leads globally, renowned for affordable generic drugs and vaccines. With a 9.43% CAGR over nine years, it ranks third in production volume.

For the period ended December 2023, the company clocked revenues of Rs 27.17 crore and net profit of Rs 1.24 crore.

Shreni Shares is the lead manager to the issue and Bigshare Services is the registrar.