Gala Precision IPO Soars with Unprecedented 201.44x Subscription on Final Bidding Day | Breaking IPO News!

Gala Precision Engineering Ltd has set a price band of Rs 503-529 per share for its Rs 168-crore initial public offering (IPO). The IPO, which comprised a fresh issue of 25.58 lakh shares worth Rs 135.34 crore and an offer-for-sale of 6.16 lakh shares valued at Rs 32.58 crore, saw overwhelming demand. On the final day of bidding, it was subscribed 201.44 times, receiving bids for 44.8 crore shares against the 22.2 lakh shares on offer, according to NSE data.

The non-institutional investors’ portion was subscribed 414.65 times, Qualified Institutional Buyers (QIBs) at 232.54 times, and Retail Individual Investors (RIIs) at 91.99 times. The offering was fully subscribed within minutes on Monday, closing the day at 10.83 times subscription.

Funds from the IPO will finance a new manufacturing facility in Tamil Nadu, purchase equipment for a plant in Maharashtra, repay debt, and cover general corporate expenses. Gala Precision, a manufacturer of technical springs and special fastening solutions, supplies various sectors including renewable energy, industrial, automotive, and railways. The shares will be listed on BSE and NSE, with PL Capital Markets Pvt Ltd managing the issue.

Original Story https://www.business-standard.com/markets/ipo/gala-precision-ipo-subscribed-201-44-times-on-last-day-of-bidding-124090401103_1.html
Category :
Tags: