Gala Precision Engineering IPO Oversubscribed 10.83 Times on Opening Day

Gala Precision Engineering's initial public offering (IPO) was fully subscribed within minutes of its opening on Monday, ultimately achieving 10.83 times the subscription rate by the day's end. The company aims to use the proceeds for new facilities, equipment, debt repayment, and general corporate purposes.

Gala Precision Engineering's initial public offering (IPO) saw overwhelming interest on its opening day, being fully subscribed within minutes and ending the day with 10.83 times subscription.

The IPO received bids for 2,40,82,044 shares against the 22,23,830 shares offered, showcasing the high demand. Non-institutional investors subscribed 20.71 times, while Retail Individual Investors (RIIs) garnered 12.14 times subscription. Qualified Institutional Buyers (QIBs) subscribed at 86 per cent.

The IPO, concluding on September 4, features a price band of Rs 503-529 per share, aiming to raise Rs 168 crore. 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 32.58 crore drive this sum. Funds will support a new facility, equipment purchase, debt repayment, and general corporate needs.

(With inputs from agencies.)