New Delhi, July 20 -- The initial public offering of Gulf Lloyds (India) opened for public subscription on Monday, 20 July. The BSE SME IPO is entirely a fresh issue of 18,19,200 shares.

The Ahmedabad-based company wants to utilise the net proceeds from the issue primarily for loan payment, as well as to meet working capital requirements.

Meanwhile, grey market sources said Gulf Lloyds IPO is witnessing decent interest from investors, as the stock's grey market premium (GMP) indicates it could list at a decent premium on the BSE SME.

As per grey market sources, Gulf Lloyds IPO GMP on Monday morning was Rs.29, signalling the stock could list at a premium of 29% over the issue price.

As per BSE data, the SME IPO had been subscribed to n...