Gala Precision Engineering IPO Closes Today

4 Sep 2024 , 12:09 PM

Gala Precision Engineering’s initial public offering (IPO) began on Monday, September 2, and ends on Wednesday, September 4. The IPO saw strong participation, particularly from non-institutional investors, followed by retail investors.

At the time of writing at 12:06 pm on September 4, 2024, at the last day of bidding, the IPO was subscribed 82.79 times, according to BSE data.

Non-institutional investors subscribed 228.14 times their quota, retail investors 64.23 times, QIBs 5.39 times, and employees 177.79 times. The IPO price range is set between ₹503 and ₹529 per equity share, with a face value of ₹10.

Gala Precision Engineering is a manufacturer of specialized springs and fastening solutions, receiving ₹50.29 crore from anchor investors. The IPO lot size is 28 equity shares, with the option to purchase additional lots in multiples of 28 shares.

50% of the shares are reserved for QIBs, 15% for non-institutional investors (NII), and 35% for retail investors. In the fiscal year 2023-2024, the company generated ₹202.54 crore in revenue and ₹22.33 crore in post-tax profit.

The IPO includes a fresh issue of 2.56 million shares and an offer for sale (OFS) of 616,000 shares by existing promoters and shareholders.

The total issue size is ₹167.93 crore at the upper price band, with ₹134.34 crore from the fresh issue and ₹32.58 crore from the OFS.

The funds raised will be used to establish a new manufacturing facility in Tamil Nadu, purchase machinery and equipment in Maharashtra, repay some of the company’s debt, and for general corporate purposes.

Link Intime India Private Ltd is the registrar for the IPO, and Pl Capital Markets Private Limited is the book-running lead manager.