The retail investors’ portion was subscribed 91.95 times.
Gala Precision Engineering shares got a spectacular listing on Monday. On the stock market today, on the NSE, the Gala Precision Engineering share price opened at ₹ 721.10 per share, which is 36.31% higher than the issue price of ₹ 529. On the Bombay Stock Exchange, the Gala Precision Engineering share price opened at ₹ 750 per share today, which is 41.78% higher than the issue price. Market experts had earlier predicted that the company’s shares would open with a premium of 46% – 53%.
The IPO received tremendous support
Gala Precision Engineering’s IPO opened for bidding on September 2 and closed on September 4. During the three-day bidding period, Gala Precision Engineering IPO witnessed tremendous enthusiasm. Non-institutional investors were the most active, followed by retail investors. According to BSE data, Gala Precision Engineering IPO was oversubscribed 201.41 times on the last day of subscription. According to Livemint, the retail investors’ portion was subscribed 91.95 times, while the non-institutional investors’ portion was subscribed 414.62 times. The qualified institutional buyers (QIB) segment was oversubscribed 232.54 times and the subscription rate of the employee portion reached 259.00 times.
The price band was fixed so much
Gala Precision Engineering’s IPO had a price range of ₹503 to ₹529 per equity share and a face value of ₹10. Gala Precision Engineering is a leader in the manufacturing of a wide range of springs including disc and strip springs, coil and spiral springs, as well as special band solutions. The company has raised an investment of ₹50.29 crore from anchor investors. The lot size for the Gala Precision Engineering IPO was fixed at 28 equity shares, and investors had the opportunity to purchase additional shares in multiples of 28.
Offer for sale of 6,16,000 shares
Both a fresh issue of 2.56 million shares and an offer for sale (OFS) of 6,16,000 shares by existing promoters and shareholders are part of the IPO. The total issue size at the upper price band is ₹167.93 crore, with the fresh issue priced at ₹134.34 crore and the OFS priced at ₹32.58 crore.
Latest Business News
