Investors responded favorably to Gala Precision Engineering Limited’s initial public offering (IPO) on the first day of bidding, which commenced on September 2. The subscription status of the company has subscribed more than four times for the initial public offering (IPO), purchasing 21 lakh equity shares out of a total offer size of 22.2 lakh equity shares.
Retail investors subscribed to 5.5 times their reserved allocation, trailed by non-institutional investors (high net worth individuals) who subscribed to 5.7 times their permitted quota. Employees subscribed 19.2 times the restricted portion, whereas Qualified Institutional Buyers (QIBs) subscribed 0.5 times.
Gala Precision Engineering IPO Details
Gala Precision Engineering, a maker of precision components, plans to make its stock market debut with an IPO value of Rs 167.9 crore. The book-built IPO comprises an offer for sale (OFS) of 6 lakh shares, valued at Rs 32.6 crore, and a new issuance of 26 lakh shares, totaling Rs 135.3 crore.
September 4 is the closing date for registering for the company’s IPO. On September 9, The company is expected to go public on the BSE and NSE while the allotment is concluded on September 5.
The price band set for the Gala Precision Engineering Private Limited IPO is Rs 503 to Rs 529 per share. The issue’s registrar is Link Intime India Pvt Ltd, and the book-running lead manager is PL Capital Markets Pvt Ltd.
Anchor investors had already contributed Rs 50.3 crore to the IPO as of August 30.
Gala Precision Engineering, founded in February 2009 has expertise in the area of Disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). Original Equipment Manufacturers (OEMs) across a variety of industries, such as electrical, off-highway equipment, infrastructure, general engineering, automotive, and railroads, employ the company’s products.
The company exports to Brazil, Germany, Denmark, Sweden, Switzerland, China, and Italy, among other nations.
Gala Precision Engineering IPO Grey Market Premium (GMP) Today
The Gala Precision Engineering IPO’s Grey Market Premium (GMP) represents investor sentiment and market expectations for the company’s future performance. The GMP, which is currently at ₹240, indicates that there was a substantial demand for the shares even before their official listing.
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