Gala Precision Engineering IPO opens today: Did you know it was fully booked in less than an hour of opening?
Synopsis
Gala Precision Engineering's IPO opened today with subscriptions exceeding expectations. The company, specializing in precision springs and fastening solutions, has seen strong interest from investors. The IPO closes on Wednesday, with pricing ranging from Rs 503 to Rs 529 per share.
The subscription for Gala Precision Engineering's initial public offering (IPO) opened today, Monday, September 2, and ends on Wednesday, September 4. Gala Precision Engineering Limited's IPO price range is Rs 503 to Rs 529 per equity share (face value Rs 10). Anchor investors have given Rs 50.29 crores to Gala Precision Engineering, a precision component producer of specialist springs such as disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The lot size for the Gala Precision Engineering IPO is 28 equity shares, and additional shares can be purchased in multiples of 28.
According to BSE statistics as of 10:57 IST today, 1.72 times have been subscribed to the Gala Precision Engineering IPO on its first day of subscription. According to BSE records, 38,21,860 shares were bid for in the first share sale, out of the 22,23,830 shares that were offered.
The public offering of Gala Precision Engineering has set aside a minimum of 15% of its shares for non-institutional institutional investors (NII), a maximum of 50% of its shares for qualified institutional buyers (QIB), and a minimum of 35% of its shares for retail investors.
Original equipment manufacturers (OEMs), Tier 1 and channel partners are the customers served by the company's goods. These items find application in mobility sectors like automobile and trains, as well as in industries including general engineering, off-highway equipment, electrical, and transportation. Hydropower facilities and wind turbines are examples of renewable energy.
In the fiscal year 2023–2024, the company's operating revenue was Rs 202.54 crore, while its profit after taxes was Rs 22.33 crore.
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