Gala Precision Engineering Limited's initial public offerings (IPO) through book-built issue opened for subscription on September 2. The public offer was oversubscribed 10.84 times. Investors bid for 2.41 crore shares compared to the 22.23 lakh shares available.
The non-institutional investors (NIIs) subscribed to the public issue the most, 20.72 times their allotted portion on the first day. The NII's were followed by the retail investors who subscribed to the IPO 12.17 times on top of their allotted portion. The qualified institutional buyers (QIBs) subscribed to the IPO 0.86 times on Day 1, according to the Bombay Stock Exchange (BSE) IPO data.
The Gala Precision Engineering IPO subscription opened on Tuesday, September 2 and closes on Wednesday, September 4. The IPO's price band has been set at ₹503 to ₹529 per equity share, with a face value of ₹10 per share. The public issue raised ₹50.29 crore from its anchor investor round. Gala Prec company has set the lot size at 28 for the issue.
As of September 2, 2024, Gala Precision Engineering IPO's grey market premium (GMP) is ₹268. Grey market premium (GMP) is the investor's willingness to pay more on top of the issue price.
The company's price band at the upper level of ₹529, Gala Precision Engineering IPO estimates listing price is at ₹797, according to investorgain.com. The issue is expected to list at a gain of 50.66 per cent.
Gala Precision Engineering Limited is a precision components maker specialising in making springs, such as disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The company caters to clients of major OEMs and Tier-1 & Channel Partners, spanning diverse industries, including renewable energy, industrial and mobility, according to the company website.
Gala Precision Engineering IPO has reserved up to 50 per cent of the shares in the public issue for qualified institutional buyers (QIB), not less than 15 per cent for non-institutional investors (NII), and not less than 35 per cent of the public issue reserved for retail investors.
