Gala Precision IPO Raises Rs 167.93 Crore, Shares List with 36% Premium

ENA MSME 2024-09-09 15:23:22 New Delhi, Sep 9 (KNN) Shares of Gala Precision Engineering made a strong debut on the stock market on September 9, listing at Rs 721.10, representing a 36.31 per cent premium over the issue price of Rs 529 per share on the NSE. Despite these gains, the stock fell short of grey market expectations, where shares had been trading at a premium of approximately 46 per cent. The grey market, an unofficial trading arena, allows shares to trade before the official subscription period and continues until the listing day. The company's public offering, valued at Rs 167.93 crore, comprised a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh shares valued at Rs 32.59 crore. The IPO was priced within a band of Rs 503 to Rs 529 per share. Investor interest in the offering was notably high, with the IPO being subscribed 201.41 times overall. Retail investors subscribed 91.95 times the reserved category, while non-institutional investors (NIIs) oversubscribed by 414.62 times. Qualified Institutional Buyers (QIBs) also demonstrated strong interest, with their portion subscribed 232.54 times. The proceeds from the IPO will be allocated towards establishing a new facility, reducing debt, funding capital expenditures, and other general corporate purposes. Gala Precision Engineering, a manufacturer specialising in precision components, including technical springs and special fastening solutions, serves various industries such as renewable energy, automotive, railways, heavy machinery, and more. (KNN Bureau) 39208 https://knnindia.co.in/news/newsdetails/msme/gala-precision-ipo-raises-rs-16793-crore-shares-list-with-36-premium 2024-09-09 15:23:22 knnindia.co.in Gala Precision IPO Raises Rs 167.93 Crore, Shares List with 36% Premium