Gulf Lloyds India IPO draws 80L bids versus 17.28L supply
Business
Gulf Lloyds India's IPO got a big thumbs up on its opening day, with demand far outpacing supply: investors bid for nearly 80 lakh shares when only about 17.28 lakh shares were available.
Retail investors especially jumped in, subscribing over eight times their allotted share.
The company aims to raise ₹18.19 crore, and the IPO stays open until July 22.
Gulf Lloyds India IPO proceeds earmarked
The funds raised will go toward new office space, working capital, and paying off loans.
Gulf Lloyds India is planning to list on the BSE SME platform on July 27.
With a recent profit of ₹4.3 crore and revenue of ₹35.7 crore, the company seems set for a busy debut, and investors are clearly excited about what's coming next.