Gabriel Pet Straps Limited Announces IPO Price Band and Details

Gabriel Pet Straps Limited has set the price band for its Initial Public Offering (IPO) at ₹101 per share, with a lot size of 1,200 shares. The subscription period for the IPO will be open from January 31, 2024, to February 2, 2024. Investors can bid for a minimum of 1,200 shares and in multiples thereof, with the issue price being 10.1 times the face value.

Under the renowned “Gabriel” brand, the company specializes in the production and marketing of pet straps, commonly used for packaging bulky items. These pet straps range in width from 9 to 32 mm and thickness from 0.70 to 1.30 mm. The manufacturing process involves a suitable ratio of virgin content raw materials—hot-washed pet bottle flakes—and non-virgin content raw materials—used pet strap grinding.

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Also Read: Upcoming IPO in India

The promoters of Gabriel Pet Straps Limited are Shah Jay Pareshbhai, Varasada Vimal Dayabhai, and Kavathiya Vivek Dharmendrabhai. The company’s listed peer is Vera Synthetic Limited.

According to the company’s Draft Red Herring Prospectus (DRHP), between March 31, 2022, and March 31, 2023, Gabriel Pet Straps Limited witnessed a substantial growth of 1511.96% in Profit After Tax (PAT) and a 54.93% increase in revenue.

Key Details of Gabriel Pet Straps Limited IPO:

  • IPO Worth: ₹8.06 crore
  • Fresh Issue: 7,98,000 equity shares with a face value of ₹10 each
  • Utilization of Net Proceeds: Land acquisition, financing capital expenditure for a solar power plant, repayment or prepayment of borrowings, and general corporate purposes.

Also Read: Announced IPOs: Upcoming Big IPOs in India 2024

IPO Schedule and Listing:

  • Subscription Period: January 31, 2024, to February 2, 2024
  • Basis of Allotment: February 5, 2024
  • Refunds Initiation: February 6, 2024
  • Listing on BSE SME: February 7, 2024

The IPO has a registrar in Bigshare Services Pvt Ltd and Shreni Shares Limited as the book running lead manager.

Also Read: Benefits and Risks of Investing in IPO

Grey Market Premium (GMP):

As of the latest update, the Grey Market Premium (GMP) for Gabriel Pet Straps IPO stands at ₹0. This indicates that shares are trading at the issue price of ₹101, showing no premium or discount in the grey market.

Investors and market enthusiasts eagerly await the IPO, keeping a close eye on subscription trends and market dynamics leading up to the listing date.

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