Gala Precision Engineering IPO (Initial Public Offering) was fully subscribed within hours of opening on Day 1. As of 11:00 AM, Gala Precision Engineering IPO was subscribed 1.8 times, with the NII (Non-institutional investor) portion being subscribed 2.10 times and the retail portion being subscribed 2.6 times. The portion reserved for eligible employees of the company was subscribed 11.63 times as of 11:00 am, data from exchanges showed.
Gala Precision Engineering garnered Rs. 50.29 crores from anchor investors ahead of its initial public offering that opens for public subscription on Monday, September 2, 2024. The company informed the bourses that it allocated 9,50,586 equity shares at Rs. 529 per share on Friday, August 30, 2024, to anchor investors.
Foreign and Domestic Institutions who participated in the anchor were NAV Capital Emerging star fund, Negen Undiscovered value fund, Cognizant capital Dynamic Opportunities Fund, India Emerging Giants Fund, Finavenue Capital Trust, ChhatisgarhInvestments, Gagandeep Credit and Resonance Opportunities Fund.
The IPO consists of fresh issue of up to 25,58,416 equity shares and an offer for sale (OFS) of up to 6,16,000 equity shares by Promoter Group Selling Shareholders and Individual Selling Shareholders.
The price band for the Offer has been determined at Rs 503 – Rs 529 per equity share. The IPO will fetch Rs 167.93 crore at the upper end of the price band. Investors can bid for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.
The Offer is being made through the Book Building Process, wherein not more than 50% of the Net Offer shall be available for allocation to Qualified Institutional Buyers, not less than 15% of the Net Offer shall be available for allocation to Non-Institutional Bidders and not less than 35% of the Net Offer shall be available for allocation to Retail Individual Bidders.