Shares of Subam Papers Ltd. made a tepid debut on the exchanges, listing at a discount of over 6.5%. The stock listed at Rs 142 apiece on the BSE SME platform, against the upper IPO price band of Rs 152.Investors allotted a single lot of 800 shares in Subam Papers IPO would have incurred a loss of Rs 8,000 over an investment of Rs 1,21,600.Shares of Subam Papers Ltd. further slipped 5% from the listing price to an intraday low of Rs 134.90 apiece on BSE.Subam Papers IPO GMP TodayThe grey market premium on Subam Papers IPO was Rs 12, just ahead of the listing on Tuesday. According to InvestorGain, shares of Subam Papers Ltd. were expected to list at Rs 164, marking a 7.89% premium over the issue price of Rs 152.Investors must note that GMP is highly speculative and does not indicate the real performance of the stock.Subam Papers IPO Allotment Today — Steps To Check Status And GMP DetailsSubam Papers IPO DetailsThe Subam Papers IPO opened for subscription between Sept. 30 and Oct. 3. It aimed to raise Rs 93.70 crore through an entirely fresh issue of 61.65 lakh shares. The company set the issue's price band in the range of Rs 144 to Rs 152.The IPO was booked nearly 93 times, driven by a strong demand from non-institutional investors.The issue was subscribed to a stellar 243 times in the category reserved for NIIs. Qualified institutional buyers booked their portion 57.18 times, while the retail portion was oversubscribed 48.97 times.The allotment of shares in the Subam Papers IPO was finalised on Oct. 4.  Bigshare Services Pvt. served as the registrar for the issue.Use Of Proceeds Subam Papers Ltd. aims to use the net proceeds from the IPO to fund its subsidiary's capital expenditure requirements. Further, a portion of the money will also be used for general corporate purposes.Subam Papers IPO Subscribed Nearly 90 Times So Far On Day Three; Check GMP HereDisclaimer: Investments in initial public offerings are subject to market risks. Please consult with financial advisors and read red herring prospectus thoroughly before placing bids.