GSM Foils
Listing performance
Scheduled dates
Tentative timetable — a past date is not confirmation the step completed
Issue details
- IPO date
- 24 May 2024 – 28 May 2024
- Listing date
- 31 May 2024
- Face value
- ₹10 per share
- Issue price
- ₹32 per share
- Lot size
- 4,000 shares
- Issue type
- Fixed Price issue
- Total issue size
- ₹11.01 Cr
- Market cap at offer price
- ₹41 Cr
- Promoter holding
- 99.99% → 73.14% pre-issue → post-issue
- ISIN
- INE0SQY01018
- Registrar
- Bigshare Services Pvt.Ltd.
- Lead managers
- Shreni Shares Ltd.
- Registered office
- Gala No 06/106/206/306, Sapphire Building, Diamond Industrial Estate, Vasai East IE, Dist.Palghar, Maharashtra
Reservation and application size
How the issue is split between investor categories, and what each may bid
| Investor category | Shares | % of net | % of total |
|---|---|---|---|
| Market maker | 1,76,000 | — | — |
Application size
Minimum 4,000 shares per lot, in multiples, at ₹32
| Application | Lots | Shares | Amount |
|---|---|---|---|
| Retail (min) | 1 | 4,000 | ₹1,28,000 |
| S-HNI (min) | 2 | 8,000 | ₹2,56,000 |
| S-HNI (max) | 7 | 28,000 | ₹8,96,000 |
| B-HNI (min) | 8 | 32,000 | ₹10,24,000 |
Category limits
| Category | Bid size | Cut-off |
|---|---|---|
| Retail (RII) | Up to ₹2 lakh | Yes |
| Small HNI (sNII) | ₹2 lakh – ₹10 lakh | No |
| Big HNI (bNII) | Above ₹10 lakh | No |
| Employee | Up to ₹5 lakh | Yes |
Bidding at cut-off means accepting the final issue price without naming one. Only retail and employee applicants may do so.
Valuation and performance
Valuation at offer price
| Metric | Pre-issue | Post-issue |
|---|---|---|
| EPS (₹) | 1.53 | 1.30 |
| P/E (×) | 20.92 | 24.62 |
| Price to book (×) | 1.27 | — |
| Market cap | — | ₹41 Cr |
Key performance indicators
- Return on net worth
- 98.27%
- ROCE
- 1.60%
- Debt / equity
- 11.13
- PAT margin
- 4.59%
- NAV per share
- ₹25.10
- Price to book
- 1.27
Single period as reported. Year-on-year movement is in the financials table below, where every period is published.
About GSM Foils
GSM Foils Limited, incorporated in 2019 as a Limited Liability Partnership and converted to a public company in 2023, manufactures blister foils and aluminium pharma foils (strip foils) used in pharmaceutical medicine packaging for capsules and tablets. As a primary packaging material that comes into direct contact with medicines, the company maintains stringent quality standards. The company operates a manufacturing facility in Vasai East, Thane, Maharashtra spanning 7,973 square feet with coating, laminating, and printing capabilities. Over its operating history, GSM Foils has developed expertise in various foil types for pharmaceutical applications, offering products in thicknesses ranging from 0.020 to 0.040 microns in both plain and printed formats. For FY2023, the company generated revenue from operations of ₹6,588.35 lakhs with profit after tax of ₹142.97 lakhs.
Company Analysis
from RHPGSM Foils Limited manufactures blister foils and aluminium pharma foils for pharmaceutical packaging, operating across pharmaceutical and specialty packaging industries.
GSM Foils Limited, incorporated in 2019 as a Limited Liability Partnership and converted to a public company in 2023, manufactures blister foils and aluminium pharma foils (strip foils) used in pharmaceutical medicine packaging for capsules and tablets. As a primary packaging material that comes into direct contact with medicines, the company maintains stringent quality standards. The company operates a manufacturing facility in Vasai East, Thane, Maharashtra spanning 7,973 square feet with coating, laminating, and printing capabilities. Over its operating history, GSM Foils has developed expertise in various foil types for pharmaceutical applications, offering products in thicknesses ranging from 0.020 to 0.040 microns in both plain and printed formats. For FY2023, the company generated revenue from operations of ₹6,588.35 lakhs with profit after tax of ₹142.97 lakhs.
Objects of the Issue
- Funding of capital expenditure towards purchase of Plant and Machineries ₹111.14 Lakhs p.70
- Funding Working Capital Requirements of our Company ₹705.66 Lakhs p.73
- General corporate purposes ₹222.45 Lakhs p.77
Issue Structure
- Total Issue
- ₹1,100.80 Lakhs
- Fresh Issue
- 34,40,000 Equity Shares aggregating to ₹1,100.80 Lakhs
- Offer for Sale
- Not Applicable - Entire issue constitutes fresh issue
- Price Band
- ₹32 per Equity Share (Fixed Price)
- Lot Size
- 4,000 Equity Shares and multiples thereof
- Face Value
- ₹10 per Equity Share
Business Model
GSM Foils manufactures and sells aluminium foils for pharmaceutical packaging. Revenue is generated through sales of blister foils and pharma strip foils to pharmaceutical companies, with production based on customer orders and inventory management. The company procures raw materials (primarily aluminium foils, LDPE films, and chemicals) domestically and processes them through coating, lamination, printing, and slitting stages before delivery.
Business Segments
SWOT Analysis
- • ISO 9001:2015 certified with established quality control systems(p.117)
- • Fast inventory management and cost-effective production(p.116)
- • Well-equipped manufacturing facility with integrated operations(p.117)
- • Diversified product portfolio meeting varied customer requirements(p.116)
- • Experienced promoters with technical expertise in manufacturing(p.116)
- • Limited marketing presence constraining brand visibility(p.118)
- • Insufficient working capital to extend customer credit(p.118)
- • Registered office not owned but leased on temporary basis(p.30)
- • Significant reliance on few major customers concentrated in specific regions(p.27)
- • Geographic expansion into emerging pharmaceutical markets beyond current states(p.117)
- • Growing pharmaceutical industry driving increased demand for blister and strip foils(p.118)
- • Expanding product portfolio to include food-grade foils(p.118)
- • Export opportunities in international pharmaceutical packaging markets(p.118)
- • Planned capacity expansion through new machinery installation(p.71)
- • Aluminum price volatility driven by global commodity fluctuations(p.24)
- • Low entry barriers enabling intense competition in aluminium foil manufacturing(p.118)
- • Supply chain disruption risks from limited long-term supplier contracts(p.26)
- • Dependency on concentrated customer base with risk of order loss(p.27)
- • Regulatory changes and government policy impacts on pharmaceutical packaging(p.118)
Promoters
| Name | Role | Pre-Issue | Post-Issue |
|---|---|---|---|
| Mr. Sagar Girish Bhanushali | Promoter | 47.67% | 34.87% |
| Mr. Mohansingh L Parmar | Promoter | 52.31% | 38.27% |
Leadership
Auto-extracted from the company's RHP using AI, with each fact linked to its source passage (hover any row to see the quote & page). Provided for research only, not investment advice — verify against the official RHP before relying on it.