Gala Precision Engineering Raises Rs 50 Cr Ahead of IPO

2 Sep 2024 , 12:05 PM

Gala Precision Engineering, situated in Maharashtra, received Rs 50.3 crore through anchor book on August 30, one day prior to the issue opening, from eight institutional investors.

The largest of them, Negen Undiscovered Value Fund, purchased 2.88 lakh shares for a total of Rs 15.28 crore.

94,528 equity shares, valued at slightly over Rs 5 crore apiece, were purchased by seven other institutional investors: NAV Capital Emerging Star Fund, Cognizant Capital Dynamic Opportunities Fund, India Emerging Giants Fund, Finavenue Growth Fund, Chhatisgarh Investments, Gagandeep Credit Capital, and Resonance Opportunities Fund.

“…has finalised allocation of 9,50,586 equity shares to anchor investors at a price of Rs 529 per equity share,” the manufacturer of precision components stated in its exchange filing.

Gala Precision Engineering intends to raise Rs 167.93 crore at the highest price range through an IPO. The initial public offering (IPO) consists of the newly issued 25.58 lakh equity shares valued at Rs 135.34 crore and the offer to sell 6.16 lakh shares valued at Rs 32.59 crore.

The public offering has a price range of Rs 503-529 per share.

The only book running lead manager for the issue is PL Capital Markets, and the registrar for the offer is Link Intime India.

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