Gala Precision Engineering IPO Subscription Details on Day 2

3 Sep 2024 , 01:35 PM

Gala Precision Engineering’s IPO opens on September 2 and closes on September 4. The price range is set between ₹503 and ₹529 per share, with each share having a face value of ₹10.

At the time of writing on September 3, 2024 at 1:20 pm, Baazar Style Retail Ltd’s IPO has received 30.22 times overall subscription. Non-institutional investors subscribed 67.65 times their portion; retail investors subscribed 30.59 times.

Anchor investors have already committed ₹50.29 Crore to the company. The company manufactures precision components including disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS).

Shares can be purchased in lots of 28, with additional shares available in multiples of 28. The IPO allocation includes 50% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and 35% for retail investors.

Gala Precision Engineering serves various industries such as general engineering, off-highway equipment, electrical, automotive, railways, and renewable energy.

The company has over 175 global clients, including Vestas Wind Technology India Pvt Ltd, L&T Electrical & Automation Products, Schaeffler India Ltd, and Faiveley Transport Rail Technologies India Pvt. Ltd.

The IPO comprises a fresh issue of 2.56 million shares and an offer for sale (OFS) of 616,000 shares, totaling ₹167.93 Crore at the upper price band.

Proceeds will fund a new facility in Tamil Nadu for hex bolts and fasteners, capital expenditure in Maharashtra, debt repayment, and general corporate expenses. Link Intime India Private Ltd is the registrar for the IPO, and PL Capital Markets Private Limited is the book-running lead manager.