Key Points of Quality Foils IPO & GMP:
- Quality Foils has opened its IPO for public subscription on March 14, 2023, and the subscription period will end on March 16, 2023.
- The company is a leading manufacturer and exporter of Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/Pipes.
- The IPO is being offered at a fixed price of ₹60 per share.
- As of 1:30 pm on day 2, the Quality Foils IPO has been oversubscribed 16.99 times, with retail investors oversubscribing 18.66 times and non-institutional investors (NII) oversubscribing 13.32 times, according to exchange data.
- Market observers note that Quality Foils shares are currently trading at a premium of ₹18 in the grey market.
- The company is expected to list on the NSE SME platform on Friday, March 24, 2023.
- The proceeds of the issue will be used by the company to fund its capital expenditure requirements, purchase machinery, meet working capital needs, cover general corporate expenses, and cover issue expenses.
- The company exports its products to various international markets, including Germany, the UK, the Philippines, Sri Lanka, Turkey, Poland, and Bogota Colombia, in addition to serving the domestic market.
Details of Quality Foils IPO & GMP:
Quality Foils IPO Oversubscribed by 16.99 Times on Day 2 of Subscription Period
Quality Foils, a leading manufacturer and exporter of Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/Pipes, opened its initial public offering (IPO) for public subscription on Tuesday, March 14, 2023. The subscription period will end on March 16, 2023, and the shares are being offered at a fixed price of ₹60 per share.
As of 1:30 pm on day 2, the Quality Foils (India) IPO has been oversubscribed 16.99 times, with retail investors oversubscribing 18.66 times and non-institutional investors (NII) oversubscribing 13.32 times, according to exchange data.
Market observers have noted that Quality Foils shares are currently trading at a premium of ₹18 in the grey market. The company is expected to list on the NSE SME platform on Friday, March 24, 2023, and the finalisation of the basis of the share allotment is expected to take place on March 21, 2023. The public offer is being managed by Bigshare Services Pvt Ltd.
Quality Foils plans to use the proceeds of the issue to fund its capital expenditure requirements, purchase machinery, meet working capital needs, cover general corporate expenses, and cover issue expenses. The company sources raw materials of premium quality, primarily Hot Rolled Stainless Steel Coils/Strips from Jindal Stainless Hissar Limited.
The company exports its products to various international markets, including Germany, the UK, the Philippines, Sri Lanka, Turkey, Poland, and Bogota Colombia, in addition to serving the domestic market. Kuldip Bhargava and Tejasvi Bhargava are the promoters of the company.
About Quality Foils:
Quality Foils produces steel products, specifically cold-rolled precision strips and coils made of stainless steel. Its clientele primarily consists of customers in India.
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