The offer received bids for 2.40 crore shares as against 22.23 lakh shares on offer.
The initial public offer (IPO) of Gala Precision Engineering received 2,40,82,044 bids for shares as against 22,23,830 shares on offer, according to stock exchange data at 15:20 IST on Monday (2 September 2024). The issue was subscribed 10.83 times.
The issue opened for bidding on Monday (2 September 2024) and it will close on Wednesday (4 September 2024). The price band of the IPO is fixed between Rs 503 to Rs 529 per share. An investor can bid for a minimum of 28 equity shares and in multiples thereof.
The IPO consists of fresh issue of 25,58,416 equity shares and an offer for sale (OFS) of 6,16,000 equity shares of Rs 10 face value.
Of the net proceeds from fresh issue, about Rs 37 crore will be used for setting up a new facility at Vallam-Vadagal in Tamilnadu; Rs 11.069 crore will be used for funding capital expenditure forpurchase of equipment and machinery at the existing plant at Wada in Maharashtra; Rs 45.43 crore towards repayment and prepayment in full or part of certain borrowing, and the balance is for general corporate purposes.
Total borrowing stood at Rs 55.028 crore end of March 2024.
Ahead of the IPO, Gala Precision Engineering on Friday, 30 August 2024, raised Rs 50.28 crore from anchor investors. The board allotted 9.50 lakh shares at Rs 529 each to 8 anchor investors
Gala Precision Engineering is a precision component manufacturer of technical springs such as DSS (disc springs and strip springs) including WLW (wedge lock washers) and CSS (coil springs and spiral springs). It customizes high tensile fasteners such as studs, anchor bolts, cross bolts, hex bolts, and nuts (special fastening solution or SFS).
The firm reported a net profit of Rs 22.33 crore and sales of Rs 202.55 crore for the twelve months ended on 31 March 2024.
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First Published: Sep 02 2024 | 5:33 PM IST
