Gala Precision IPO opens on Monday, priced at Rs 503-529

27 Aug 2024 , 05:53 PM

Gala Precision Engineering has set a price band of Rs 503-529 for its Rs 167.90 crore initial public offering (IPO), which will open for subscriptions on September 2 and close on September 4.

The aforesaid IPO size of Rs 167.90 crore was determined using the upper end of the price band.

The IPO consists of a fresh issue of 25.59 lakh equity shares totalling Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh shares totalling Rs 32.59 crore.

The equity shares are likely to be listed on the BSE and NSE.

The proceeds of the new issue will be used to establish a new facility at Vallam-Vadagal, SIPCOT, Sriperumbuddur, Tamil Nadu, to manufacture high tensile fasteners and hex bolts, Rs 11.07 crore to fund capital expenditure requirements for the purchase of equipment, plant, and machinery at Wada, Palghar, Maharashtra, Rs 45.43 crore to repay/prepay certain borrowings availed by the company, and general corporate purposes.

The offer is being made through a book-building procedure, with no more than 50% accessible to Qualified Institutional Buyers (QIB), no less than 15% for Non-Institutional Investors (NIIs), and no less than 35% for retail investors.

For feedback and suggestions, write to us at [e-mail]