Unlisted shares of Gala Precision Engineering Ltd are trading Rs 290 higher in the grey market, signalling a 54.82 per cent listing gain from the public issue.
Gala Precision IPO: The initial public offering of Gala Precision Engineering, which opened on September 2 for public subscription, is witnessing a strong response from investors. On the second day of bidding on Tuesday, the Rs 167.93-crore IPO received a 52.36 times subscription, garnering bids for 11,64,29,880 shares as against 22,23,830 shares on offer.
The category for non-institutional investors received 133.04 times subscription, while the portion for Retail Individual Investors (RIIs) got subscribed 44.45 times. The QIB category got 5.06 times subscription.
The IPO will be closed on September 4. The price band has been fixed at Rs 503 to Rs 529 per share.
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Gala Precision IPO: How to Check Allotment Status?
As the IPO allotment has been finalised, the status can be checked by following these steps:
1) Go to the official BSE website via the URL —https://www.bseindia.com/investors/appli_check.aspx.
2) Under ‘Issue Type’, select ‘Equity’.
3) Under ‘Issue Name’, select ‘Gala Precision Engineering Ltd’ in the dropbox.
4) Enter your application number, or the Permanent Account Number (PAN).
5) Then, click on the ‘I am not a robot’ to verify yourself and hit ‘Search’ option.
Your share application status will appear on your screen.
You can also visit direct Link Intime portal — https://linkintime.co.in/initial_offer/ and check the Gala Precision Engineering IPO allotment status.
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Gala Precision Engineering IPO GMP Today
According to market observers, unlisted shares of Gala Precision Engineering Ltd are trading Rs 290 higher in the grey market than its issue price. The Rs 290 grey market premium or GMP means the grey market is expecting a 54.82 per cent listing gain from the public issue. The GMP is based on market sentiments and keeps changing.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
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Gala Precision Engineering IPO: More Details
The Gala Precision Engineering IPO, which was opened between September 2 and September 4, garnered a 201.44 times subscription on the closing day of bidding. The initial share sale received bids for 44,79,68,752 shares against 22,23,830 shares on offer, as per NSE data.
The portion meant for non-institutional investors got subscribed a whopping 414.65 times while the category for Qualified Institutional Buyers (QIBs) received 232.54 times subscription. The Retail Individual Investors (RIIs) part garnered 91.99 times subscription.
The IPO is a combination of a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer-for-sale (OFS) of 6.16 lakh equity shares valued at Rs 32.58 crore by promoter group entities and individual shareholders. This aggregates the transaction size to Rs 168 crore at the upper-end of the price band of Rs 529.
Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes.
Gala Precision Engineering is a precision component manufacturer of technical springs like disc & strip springs (DSS); coil & spiral springs (CSS) and Special Fastening Solution (SFS).
The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways.
PL Capital Markets Pvt Ltd is the sole book-running lead manager to the issue.
The equity shares are proposed to be listed on BSE and NSE.
