The Initial Public Offering (IPO) of Haryana-based Quality Foils (India) Limited will conclude on Thursday, March 16. The company has fixed the price of the initial share sale at ₹60 per share for its three-day sale.
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The IPO opened on Tuesday, March 14, to strong demand and was oversubscribed 16.99 times with retail investors’ category 18.66 times, and 13.32 times in the non-institutional investors (NII) category, till 1:30 pm on Wednesday, the second day of subscription, reported Mint.
In the grey market, Quality Foils’ shares were commanding a premium (GMP) of ₹18. The shares of the company are expected to be listed on National Stock Exchange (NSE) on March 24.
Quality Foils intends to raise capital with its IPO to fund its capital expenditure requirements towards purchase of machinery, to meet the working capital requirements, general corporate purpose, and to meet the issue expenses, the report added.
The finalisation of the basis of the allotment of the shares is likely to take place on March 21, 2023. Bigshare Services Private Limited is the registrar of the public offer, the report added.
Quality Foils is a leading stainless steel pipes and coils manufacturing firm based in Hisar, Haryana. The company manufactures and exports Cold Rolled Stainless Steel Strips/Coils and Stainless Steel Flexible Hoses/pipes. It uses raw materials of high quality i.e. Hot Rolled Stainless Steel Coils/Strips from Jindal Stainless Hisar Limited.
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The company sells its products in the domestic and international markets such as Germany, UK, Philippines, Sri Lanka, Turkey, and Poland.