As Gala Precision continues to gain significant momentum in the first two days of the bidding process, the initial public offering of the precision components manufacturer was subscribed over 80 times on the third day, according to a report by The Economic Times.
As of 12 noon today, demand was primarily driven by non-institutional investors (NIIs), who oversubscribed the issue 226 times, while the retail category saw a subscription of 63.8 times.
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Gala Precision Engineering’s IPO received bids for over 14.64 crore shares compared to the 22.23 lakh shares available, according to NSE data till 11 am showed.
Retail individual investors applied for more than 5.97 crore shares against the 11.09 lakh shares allocated for them, leading to a subscription rate of 53.85 times in the retail segment.
The mainboard issue was particularly popular among Non-Institutional Investors (NIIs), who placed bids for over 8.2 crore shares, oversubscribing their portion by 173.66 times against the 4.75 lakh shares reserved for them.
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Gala Precision Engineering GMP On Day 3
The grey market price (GMP) for Gala Precision Engineering’s IPO today is ₹230, as reported by investorgain.com.
Based on the upper end of the IPO price band and the current grey market premium, the estimated listing price of Gala Precision Engineering shares is expected to be Rs 759 per share, representing a 43.48% increase over the IPO price of Rs 529.
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IPO Offer Size Of Gala Precision Engineering
The subscription period for Gala Precision Engineering’s IPO began on Monday, September 2, 2024, and will close on September 4, 2024. The company aims to raise approximately Rs 167.93 crores through this IPO. The allocation for retail investors is 35 per cent, while Qualified Institutional Buyers (QIB) have 50 per cent, and Non-Institutional Investors (NII) have 15%. The price band has been set between Rs 503 and Rs 529 per equity share.
Gala Precision Engineering Ltd has set a price range of Rs 503-529 per share for its Rs 168-crore IPO, which will conclude on September 4. The IPO, valued at Rs 167.93 crore, includes a fresh issue of 26 lakh shares totalling Rs 135.34 crore and an offer-for-sale (OFS) of 6 lakh shares worth Rs 32.59 crores.
