Gala Precision Engineering IPO Fully Subscribed Within Minutes

Gala Precision Engineering's initial public offering (IPO) was fully subscribed within minutes of opening. The IPO received bids for 47,77,444 shares against 22,23,830 on offer, reflecting a 2.15 times subscription. The Rs 168-crore IPO combines a fresh issue and an offer for sale, with proceeds funding expansion and debt repayment.

Devdiscourse News Desk | New Delhi | Updated: 02-09-2024 11:55 IST | Created: 02-09-2024 11:55 IST

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Gala Precision Engineering's initial public offering (IPO) was fully subscribed within minutes of opening for bidding on Monday, receiving bids for 47,77,444 shares against 22,23,830 on offer, reflecting a 2.15 times subscription, according to NSE data till 11:21 hours.

The portion for Retail Individual Investors (RIIs) was subscribed 3.15 times, while the quota for non-institutional investors saw a 2.54 times subscription. The initial share sale will conclude on September 4.

Gala Precision Engineering Ltd has set a price band of Rs 503-529 per share for its Rs 168-crore IPO. The offering includes a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer for sale of 6.16 lakh equity shares valued at Rs 32.58 crore.

(With inputs from agencies.)