September 9, 2024
New Delhi, India
Gala Precision Engineering IPO
Gala Precision Engineering made a robust debut on Dalal Street on Monday, September 9, listing at ₹750 on the BSE, which is a 41.78% premium over its issue price of ₹529 per share. On the NSE, the stock opened at ₹721.10, a premium of 36.31%, despite the broader market volatility.
Key Highlights:
- Listing Performance: Shares of Gala Precision were commanding a grey market premium of ₹245-250 per share ahead of the listing, suggesting a listing gain of nearly 50%. However, the actual premium was slightly lower, at around 42% on the BSE and 36% on the NSE.
- IPO Details: The IPO of Gala Precision Engineering was open for bidding between September 2 and September 4, with a fixed price band of ₹503-529 per share and a lot size of 28 shares. The company raised ₹167.93 crore through its IPO, which included a fresh issue of ₹135.34 crore and an offer for sale (OFS) of up to 6,16,000 equity shares.
- Strong Subscription: The IPO saw strong demand, being subscribed 201.41 times overall. The Qualified Institutional Buyers (QIBs) portion was subscribed 232.54 times, the Non-Institutional Investors (NII) portion 414.62 times, and the Retail Investors’ category 91.95 times. The employees’ reserved portion was subscribed 259 times.
Company Overview:
Thane-based Gala Precision Engineering, incorporated in February 2009, manufactures precision components like disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The company supplies these products to original equipment manufacturers (OEMs) across various sectors.
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