BSE SME IPO of Gabriel Pet Straps subscribed 1.23 times
The issue opened for bidding on Wednesday, (31 January 2024) and it will close on Friday, (02 February 2024). The price of the IPO is fixed at Rs 101 per share. The minimum order quantity is 1,200 equity shares. The equity shares are proposed to be listed on the SME Platform of BSE.
The IPO comprises fresh issue of 7,98,000 shares. The promoter and promoter shareholding will dilute to 69.84% from 100% Pre-IPO.
About 44,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 7,53,600 equity shares. The issue and the net issue will constitute 30.15% and 28.47% respectively of the post issue paid-up equity share capital of the company.
The company intends to utilize the net proceeds for repayment or prepayment, in full or in part, of borrowings availed by the company from banks, financial institutions and non-banking financial companies, acquisition of land, funding of capital expenditure requirements of the company towards set up of solar power plant and for general corporate purposes.
Gabriel Pet Straps is engaged in the manufacturing and selling of Pet Straps under the brand name of Gabriel widely used in packaging of heavy materials. It produce pet strap from 9mm to 32mm width and thickness ranging from 0.70mm to 1.30mm. The company offer customised bulk packaging solutions to different industries such as cotton bales, fiber, packaging, paper, waste cloth etc. As on 31 October 2023, the company has employed 26 personnel (including workers) at plant and office.
The company recorded revenue from operations of Rs 4.24 crore and net profit of Rs 0.17 crore for the period as on 15 October 2023.
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