Gala Precision Engineering IPO Oversubscribed 201x So Far

4 Sep 2024 , 04:50 PM

Following a good response throughout the first two days of the bidding process, Gala Precision Engineering’s initial public offering (IPO) received 201x subscriptions on the last day of the process.

The issue started for bidding on September 2 and will close today, September 4.

As of 4:43 p.m. today, the non-institutional investor (NII) category was the most active, booking the issue 414.52 times, followed by the retail sector, which booked it 91.44 times. The employee reserved category subscribed to the issue 256.53 times, while qualified institutional buyers (QIBs) subscribed 232.54 times.

Few promoters and promoter group companies are participating in the OFS, selling 5.1 lakh shares. Furthermore, additional private investors are partially selling their investment in the company.

The proceeds from the new issue will be used to establish a new facility in Vallam-Vadagal to manufacture high tensile fasteners and hex bolts, to fund capital expenditure requirements for the purchase of equipment, plant, and machinery in Wada, Palghar, to repay debt, and for general corporate purposes.

The issue is priced at Rs 503-529 per share, with investors able to bid for 28 shares in a single lot and multiples afterward.

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