Gala Precision Engineering's IPO Sees Massive 52.17x Subscription on Day Two

Gala Precision Engineering's initial public offering (IPO) attracted significant attention, subscribing 52.17 times by the second day. The IPO aims to raise Rs 168 crore, with proceeds allocated for facility setup, equipment purchase, and debt payment. The shares will be listed on BSE and NSE upon completion.

Gala Precision Engineering's initial public offering (IPO) witnessed a remarkable subscription rate of 52.17 times by the second day of bidding on Tuesday. According to NSE data, the initial share sale received bids for 11,60,22,648 shares against an offer of 22,23,830 shares.

The retail individual investor category saw a subscription volume of 44.16 times, while non-institutional investors subscribed 132.89 times. The portion for qualified institutional buyers attracted 5.06 times subscription.

Gala Precision Engineering aims to raise Rs 168 crore through this IPO, with plans to use the proceeds for setting up a new facility in Tamil Nadu, acquiring equipment for its Maharashtra plant, and paying off debt. The equity shares will be listed on both BSE and NSE.

(With inputs from agencies.)