IPO
Gala Precision Engineering’s Rs.168-Cr IPO subscribed 201 times
The INR 168 crore initial public offer of Gala Precision Engineering has garnered 201.44 times subscription. The issue received bids for 44,79,68,752 shares against 22,23,830 shares on offer. Gala had fixed a price band of INR 503-529 per share for the IPO.The portion meant for Non-Institutional Investors (NIIs) got subscribed 414.65 times while the category for Qualified Institutional Buyers (QIBs) received 232.54 times subscription. The Retail Individual Investors (RIIs) part garnered 91.99 times subscription.The IPO is a combination of a fresh issue of 25.58 lakh equity shares worth INR 135.34 crore and an offer-for-sale (OFS) of 6.16 lakh equity shares valued at INR 32.58 crore by promoter group entities and individual shareholders.Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra. Some of the proceeds will also be used for payment of debt. PL Capital Markets Pvt Ltd is the sole book-running lead manager to the issue.
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