GSM Foils IPO Review - Issue Date, Price, GMP, Allotment, Lot Size, and Details

GSM Foils Ltd. (GFL) specializes in manufacturing Blister Foils and Aluminium Pharma Foils, which are essential for packing pharmaceutical medicines like capsules and tablets.

GSM Foils IPO is a fixed price issue at Rs 11.01 crores, consisting entirely of a fresh issue of 34.4 lakh shares. The subscription period for the IPO opens on May 24, 2024, and closes on May 28, 2024. The allotment is expected to be finalized on Wednesday, May 29, 2024, and the shares will be listed on the NSE SME with a tentative listing date set for Friday, 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. For HNIs, the minimum investment is set at 2 lots, or 8,000 shares, amounting to ₹256,000.

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

Refer to RHP for the details of the company.


This Issue comprises of Fresh Issue of 34,40,000 Equity Shares aggregating to ₹ 11.008 Cr.

Company proposes to utilize the Net Proceeds:

  1. Funding of capital expenditure towards purchase of Plant and Machineries.
  2. Funding Working Capital Requirements
  3. General corporate purposes.

The company intend to increase production capacity by way of installation of new plant and machineries at existing Manufacturing Facility located at Maharashtra, India. This will allow them to be technologically advanced and meet functional efficiencies and will help in reduction of cost of production of existing facility.

Grey Market Premium(GMP) of GSM Foils Limited
The Grey Market Premium is expected in the range of Rs. 0 to Rs. 3 based on the growth and performance of the company. No real trading is done on the basis of Grey Market Premium that's why no real discovery of price can be done before the listing of shares on the stock exchange. The Grey Market Premium totally depends upon the Demand and Supply of the shares of the company in unorganized manner which is not recommended. The Grey Market Premium is mentioned for educational and informational purposes only.

GSM Foils IPO Details

IPO Date May 24, 2024 to May 28, 2024
Listing Date May 31, 2024
Face Value ₹10 per share
Price ₹32 per share
Lot Size 4000 Shares
Total Issue Size ₹11.01 Cr
Fresh Issue 3,440,000 shares (aggregating up to ₹11.01 Cr)
Offer for Sale Nil
Issue Type Fixed Price Issue IPO
Listing At NSE SME
Share holding pre issue 9,371,649
Share holding post issue 12,811,649

GSM Foils IPO Lot Size

Application Lots Shares Amount
Retail (Min) 1 4000 ₹128,000
Retail (Max) 1 4000 ₹128,000
HNI (Min) 2 8,000 ₹256,000

GSM Foils IPO Timeline (Tentative Schedule)

IPO Open Date Friday, May 24, 2024
IPO Close Date Tuesday, May 28, 2024
Basis of Allotment Wednesday, May 29, 2024
Initiation of Refunds Thursday, May 30, 2024
Credit of Shares to Demat Thursday, May 30, 2024
Listing Date Friday, May 31, 2024
Cut-off time for UPI mandate confirmation 5 PM on May 28, 2024

GSM Foils IPO Reservation

Investor Category Shares Offered Reservation %
Retail Shares Offered 1720000.00 minimum 50% of the Net Issue
Non - Retail Shares Offered 1720000.00 Remaining Shares of Net Issue.

GSM Foils IPO Promoter Holding

Share Holding Pre Issue 99.99%
Share Holding Post Issue 73.14%

About GSM Foils Limited

GSM Foils Limited is engaged in the business of manufacturing Blister Foils and Aluminium Pharma Foils, used in packing of pharmaceutical medicines including capsules and tablets. The company offers Aluminium foils in different sizes, shapes and thickness to meet diverse needs. Products includes plain and printed aluminium foils and strip foils along with alu alu base foils and it ranges from 0.020/ 0.025/ 0.030/ 0.040 micron for coated /ploy laminated/ blister/ strip printed foils.

  • Aluminium Foil or Strip Foils are one of the packaging options for highly sensitive pharmaceutical products that protects the medicines from oxygen, moisture, and other environmental influences.
  • Blister Foils are commonly used as unit-dose packaging for pharmaceutical tablets.

Manufacturing facilities located at Maharashtra, India is equipped with the necessary tools, machineries, other equipment’s and amenities, to support a seamless manufacturing process, hassle-free production, Quality testing, research, storage and packaging.

With PAN India presence & clientele base in 13 states and 1 Union territory for domestic market based on sales made in states of Dadra & Nagar Haveli and Daman & Diu, Goa, Gujarat, Haryana, Himachal Pradesh, Jammu & Kashmir, Karnataka, Madhya Pradesh, Maharashtra, Puducherry, Sikkim, Tamil Nadu, Telangana and West Bengal.


The Indian Pharmaceutical industry is currently ranked third in pharmaceutical production by volume after evolving over time into a thriving industry growing at a CAGR of 9.43% since the past nine years.

Market size of India pharmaceuticals industry is expected to reach US$ 65 billion by 2024, and ~US$ 130 billion by 2030. Indian pharmaceutical industry is worth approximately US$ 50 billion with over US$ 25 billion of the value coming from exports. About 20% of the global exports in generic drugs are met by India. India is among the top 12 destinations for biotechnology worldwide and 3rd largest destination for biotechnology in Asia Pacific. In 2022, India’s Biotechnology industry crossed US$ 80.12 billion, growing 14% from the previous year.

The India Packaging Market was valued at USD 50.5 billion in 2019, and it is expected to reach USD 204.81 billion by 2025, registering a CAGR of 26.7% during the period of 2020-2025.Packaging is among the high growth industries in India and developing @ 22-25% per annum and becoming a preferred hub for packaging industry.

Risk assocated to the issue:

  • The key raw materials that the company uses for its manufacturing operations include Aluminium Sheets and variables including chemicals. Any disruptions to the supply, or increases in the pricing, of the raw materials, will affect the supply and pricing of products.
  • Any slowdown or shutdown of Manufacturing operations at facilities which is concentrated in a single region i.e., Mumbai, Maharashtra, and any inability to operate and grow may have an adverse effect.
  • A major portion of sales from operations is from certain geographical regions especially, Gujarat, Dadra & Nagar Haveli and Maharashtra holding approximately 95% of revenue. Any adverse developments affecting operations in these regions could have an adverse impact.
  • The company is reliant on the demand from the pharmaceutical industry for a significant portion of revenue. Any downturn in the pharmaceutical industry will affect the business.
  • Companies don’t have long-term agreements with suppliers for raw materials and any shortfall in the availability or quality may adversely effect on business.
  • The top 10 customers derive a significant portion of revenue approx. 45-50% and over that there are no long-term contracts with these customers.

GSM Foils Limited Financial Information (Restated Consolidated)

Amount in (Rs. Crore)

Period Ended 31st Dec 23 31st Mar 23 31st Mar 22 31st Mar 21
Reserve of Surplus 1.25 0.00 0.00 0.00
Total Assets 22.08 14.38 10.51 7.21
Total Borrowings 14.13 2.42 2.19 0.00
Fixed Assets 0.86 0.92 0.35 0.43
Cash 0.41 0.49 0.41 0.77
Net Borrowing 13.72 1.93 1.78 -0.77
Revenue 27.18 65.88 71.85 36.46
EBITDA 2.84 1.32 0.72 0.00
PAT 1.25 1.43 0.64 0.34
EPS 24.66 28.25 12.58 6.71

Note: Post EPS & Post P/E is calculated on total number of equity shares post listing (Previous Equity Shares+ Fresh Issue)

Key Performance Indicator

KPI Values
EPS Pre IPO (Rs.) 28.25
EPS Post IPO (Rs.) 1.12
P/E Pre IPO 1.13
P/E Post IPO 28.68
ROE 19.13%
ROCE 0.34%
P/BV 1.93
Debt/Equity 0.29
RoNW 17.11%

GSM Foils Limited IPO Peer Comparison

Company Name EPS ROCE ROE P/E (x) P/Bv Debt/Equity RoNW (%)
GSM Foils Limited 1.12 0.34% 19.13% 28.68 1.93 0.29 17.11%
Synthiko Foils Ltd 1.21 7.89% 2.97% 60.3 2.15 0.00 7.89%
MMP Industries Ltd 11.2 10.5% 8.59% 25.6 2.65 0.30 10.5%
GSM Foils Limited Contact Details


Gala No 06/106/206/306, Sapphire Building, Diamond Industrial Estate, Vasai East IE, Thane, Maharashtra, India, 401208


Telephone: +9184689 68102


GSM Foils IPO Registrar and Lead Manager(s)


Office No. S6-2, 6th Floor, Pinnacle Business Park, Next to Ahura Centre, Mahakali Caves Road, Andheri East, Mumbai – 400 093, Maharashtra, India

Tel: 022 - 6263 8200



GSM Foils IPO Review

GSM Foils Ltd. (GFL) specializes in manufacturing Blister Foils and Aluminium Pharma Foils, which are essential for packing pharmaceutical medicines like capsules and tablets. Since these foils directly contact the medicine, GFL ensures high-quality standards. Over the years, GFL has developed expertise in producing various types of pharmaceutical foils and offers them in different sizes, shapes, and thicknesses to meet diverse client needs. The company is led by Chairman and Whole Time Director Mr. Sagar Girish Bhanushali and Managing Director Mr. Mohan singh L Parmar, both of whom have 4 years of experience in production and manufacturing at GFL.

GFL's revenue saw a significant jump from Rs. 36 crore in FY21 to Rs. 71.85 crore in FY22, but it declined to Rs. 65.88 crore in FY23 and further to Rs. 27.18 crore for the 9 months from April to December. Despite this, the company's EBITDA margin improved from Rs. 0.72 crore in FY22 to Rs. 1.32 crore in FY23, reaching Rs. 2.84 crore for the same 9-month period. GFL reported a Return on Equity (ROE) of 19.13% in FY23, but the Return on Capital Employed (ROCE) was a low 0.34%, indicating minimal returns for investors and making the investment less attractive. 

Operating in a highly competitive and fragmented market, GFL has shown inconsistency in its financial performance. Issue price of the IPO is fixed at Rs. 32 at which the post issue P/E is 28.68 against the industry P/E of 25.2, which makes the IPO fully priced and nothing much left for the investors. Grey Market Premium (GMP) is also indicating a listing gain of 0% - 10%. Considering the financial performance and Valuation of the IPO, we recommend you to avoid the IPO for listing gains and investment purpose.

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