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Gulf Lloyds IPO opens on BSE SME, GMP points to premium listing
The share sale is priced at ₹100, and grey-market GMP of ₹29 implies a potential 29% premium versus the issue price.
Gulf Lloyds (India) has opened its BSE SME initial public offering for public subscription, starting Monday, 20 July, and scheduled to close on Wednesday, 22 July, according to LiveMint Markets. The issue is priced at ₹100 per share.
The IPO is an entirely fresh issue of 18,19,200 shares, aiming to raise ₹18.19 crore. The company plans to use net proceeds mainly for loan repayment and working capital requirements, along with capital expenditure for office premises and general corporate purposes.
Grey market sources cited by LiveMint Markets said interest is decent, with the IPO GMP at ₹29 on Monday morning. That GMP suggests the stock could list at around a 29% premium over the issue price on the BSE SME.
By BSE data, the SME IPO had been subscribed to nearly 2 times by 12:20 PM on Monday. The allotment is expected to be finalized on Thursday, 23 July, with shares expected in demat accounts on Friday, 24 July.