The Initial Public Offer (IPO) of Quality Foils (India) Limited opened for public subscription earlier this week on Tuesday, March 14, 2023 and will close on March 16, 2023. The initial share sale price has been set 60 per share.
By 1:30 p.m. the next day, quality foil (India) IPO As per exchange data, the retail investors category was oversubscribed 18.66 times and the non-institutional investors (NII) category 13.32 times.
According to market observers, quality foils are commanding a share premium (GMP) 18 in the gray market today. The shares of the company are expected to be listed on NSE SME Forum next week on Friday, March 24, 2023.
The finalization of the basis of share allotment of the Public Issue is expected on March 21, 2023. BigShare Services Private Limited is the Registrar to the Public Offer.
The Company intends to utilize the proceeds of the Issue for funding capital expenditure requirements for purchase of machinery, meeting the working capital requirements of the Company, general corporate purpose and meeting expenses of the Issue.
Quality Foils (India) Limited is engaged in manufacturing and exporting Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/Pipe. The company primarily uses premium quality raw material i.e. Hot Rolled Stainless Steel Coils/Strips from Jindal Stainless Hisar Limited.
The company’s products are sold in domestic and international markets such as Germany, UK, Philippines, Sri Lanka, Turkey, Poland and Bogotá Colombia. Kuldeep Bhargava and Tejashwi Bhargava are the promoters of the company.
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