BSE SME Gabriel Pet Strap makes good debut

Shares of Gabriel Pet Straps were quoting at Rs 120.75 on the BSE, a premium of 19.55% compared with the issue price of Rs 101.

The scrip was listed at Rs 115, a premium of 13.46% compared with the initial public offer (IPO) price. The stock is currently frozen at its upper limit of 5% over its listing price.

The counter hit a high of Rs 120.75 and a low of Rs 111.20. About 3.22 lakh shares of the company changed hands at the counter.

Gabriel Pet Straps' IPO was subscribed 232.55 times. The issue opened for bidding on 31 January 2024 and it closed on 2 February 2024. The IPO price was fixed at Rs 101 per share.

The IPO comprised fresh issue of 7,98,000 shares. The promoter and promoter shareholding diluted to 69.84% from 100% pre-IPO.

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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