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    Gabriel Pet Straps lists with 14% premium on BSE SME platform

    Synopsis

    The issue received robust response from investors where it was subscribed 246 times. The part reserved for retail investors was subscribed 120 times and other investors were booked 361 times. The IPO was entirely a fresh equity issue of up to 7.98 lakh equity shares aggregating to Rs 8.06 crore.

    IPOAgencies
    Sherni Shares acted as the lead manager to the issue and Bigshare Services was the registrar.
    The shares of Gabriel Pet Straps listed with a premium of 13.86% on the BSE SME platform on Wednesday. The stock was listed at Rs 115 as against an issue price of Rs 101 apiece.

    Ahead of the listing, the company's shares traded with a premium of Rs 50 in the unlisted market.

    The issue received robust response from investors where it was subscribed 246 times. The part reserved for retail investors was subscribed 120 times and other investors were booked 361 times. The IPO was entirely a fresh equity issue of up to 7.98 lakh equity shares aggregating to Rs 8.06 crore.

    Net proceeds from the public offer will be used for repayment of debt, acquisition of land, funding of capex and other general corporate purposes.

    The company is engaged in the manufacturing and selling of pet straps under the brand name "Gabriel", widely used in packaging of heavy materials. It produces pet straps from 9 mm to 32 mm width and thickness ranging from 0.70 mm to 1.30 mm.

    Its products are manufactured in appropriate composition of virgin content raw material i.e., hot washed pet bottle flakes and non-virgin content raw material.

    The company aspires to keep improving its products, backed with innovative new technologies to provide a great experience to the customers.

    Pet straps are largely used by the cotton industry, which accounts for a 45% share, followed by automotive, appliance, and others. The market is the third largest in the recycled PET Industry in terms of revenues, while second largest in terms of production volume.

    For the period ended October 15, 2023, the company clocked revenues of Rs 4.51 crore and net profit of Rs 17 lakh.

    Sherni Shares acted as the lead manager to the issue and Bigshare Services was the registrar.

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