Gabriel Pet Straps LTD IPO

Gabriel Pet Straps Limited, established in 2020, focuses on manufacturing and selling PET straps under the "Gabriel" brand for heavy material packaging. With a sustainable approach, the company uses recycled materials from used PET straps. Operating nationwide, Gabriel serves various industries such as cotton, packaging, and paper. The IPO is set to open for subscription from January 31, 2024, to February 2, 2024, with a fixed price of Rs. 101 per share.

Total Issue Size :

The total issue size is Rs. 8.06 CR, with 50% reserved for retail investors and 50% for other investors. The IPO timetable includes the listing date on February 7, 2024. Gabriel's financial overview for FY23 reflects positive growth, with total assets, total revenue, and net worth increasing compared to FY22.

The company's revenue distribution is primarily from the Cotton Bales segment, with significant contributions from Packaging and Waste Cloth in FY23. Geographically, Gujarat holds the highest share, followed by Haryana, Madhya Pradesh, Maharashtra, and Telangana.

The objective of IPO :

The IPO's objective includes repaying loans, buying land, funding a Solar Power Plant, and meeting general corporate needs. Promoters of Gabriel Pet Straps Limited include Mr. Shah Jay Pareshbhai, Mr. Varasada Vimal Dayabhai, and Mr. Kavathiya Vivek Dharmendrabhai. The pre-issue promoter shareholding is 100%, which reduces to 69.84% post-issue.

Shreni Shares Limited is the lead manager for the IPO. Comparing with peers, Gabriel Pet Straps IPO appears pricier than Vera Synthetic IPO. The evaluation of the P/E ratio suggests that the IPO's price range, with a P/E ratio ranging from 2.81x to 104.12x, seems highly overvalued compared to the industry average of 28.8x.

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