Gala Precision Engineering Limited’s Initial Public Offering (IPO) on the second day or Day 2 of bidding on Tuesday (September 3) had the issue being subscribed a staggering 52.21 times.
The IPO bids for 11,61,01,412 shares were received against the 22,23,830 shares on offer.
The IPO, which is priced between Rs 503 and Rs 529 per share, opened for subscription on September 2 and will close on September 4, 2024.
Subscription Breakdown
Non-Institutional Investors: A subscription rate of 132.93 times.
Retail Investors: This portion received a subscription rate of 44.21 times.
Qualified Institutional Buyers: Subscribed 5.06 times.
Employee Portion: The portion received was 117.89 times the subscription rate.
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On the first of bidding, the IPO was subscribed 10.83 times. The issue received bids for 2,40,82,044 shares against the 22,23,830 equity shares on offer.
Anchor Investors and Listing Details
Prior to the public offering, the company secured rs 50.29 crore from anchor investors including AV Capital Emerging Star Fund, Negen Undiscovered Value Fund, and Cognizant Capital Dynamic Opportunities Fund.
PL Capital Markets Private Limited is serving as the sole book-running lead manager, while Link Intime India Private Limited is the registrar for the offer.
The company’s equity shares are set to be listed on both BSE and NSE.
About the company
The company, founded and led by Kirit Vishanji Gala, operates in the field of tech and manufacturing with over 30 years of experience in the domestic market.
From FY 2022 to FY 2024, the company reported an 18 per cent CAGR in revenue and a 57 per cent CAGR in PBT.
