Gala Precision Engineering IPO Day 3: Issue subscribed 65.85 times so far; check allotment date & more

Gala Precision Engineering IPO continued to see strong demand on Wednesday, September 4, the third day of bidding. The mainboard public offer was fully subscribed within hours of launch on Monday.

The initial public offering of the precision components manufacturer was subscribed over 65 times on the second day.

Retail individual investors applied for more than 5.97 crore shares of Gala Precision Engineering against the 11.09 lakh shares reserved for the category. The retail portion was subscribed 53.85 times.

The mainboard issue was booked 173.66 times in the Non-Institutional Investors (NIIs) category with applications for over 8.2 crore shares against the 4.75 lakh shares reserved for the category.

The Qualified Institutional Buyers (QIBs) placed bids for over 32.9 lakh shares against the 6.33 lakh shares set aside for the category. The issue was booked 5.21 times in the QIBs category.

The employees' category also saw strong demand, with a subscription of 150.68 times. The company's employees applied for 8.73 lakh shares against 5,796 shares set aside for them.

Investors interested in bidding for the mainboard issue should check these key details about the IPO before applying.

Gala Precision Engineering IPO offer size, price band and lot size

Gala Precision Engineering IPO, worth ₹167.93 crore, consists of a combination of a fresh issue of 26 lakh shares aggregating to ₹135.34 crore, and an offer-for-sale (OFS) of 6 lakh shares, amounting to ₹32.59 crore. Gala Precision Engineering IPO price band has been fixed at ₹503 to ₹529 per share.

Retail investors can place bids for a minimum single lot size of 28 shares, aggregating to an investment of ₹14,812. Small Non-Institutional Investors (sNII) can place bids for a minimum lot size of 14 lots or 392 shares, amounting to ₹2,07,368. Big Non-Institutional Investors (bNII) can place bids for a minimum lot size of 68 lots comprising 1,904 shares, amounting to an investment of ₹10,07,216.

Gala Precision Engineering IPO dates

The Gala Precision Engineering IPO subscription window is open from September 2 to September 4. Gala Precision Engineering IPO share allotment status will likely be finalised by Thursday, September 5. Shares of Gala Precision Engineering will be credited into successful bidders' Demat accounts, and refunds will be initiated for unsuccessful bidders on Friday, September 6.

Shares of Gala Precision Engineering will be listed on the NSE and BSE. The IPO listing date has been tentatively fixed as September 9.

Gala Precision Engineering IPO registrar

Link Intime India Private Ltd is the registrar for Gala Precision Engineering IPO, and PL Capital Markets Private Limited is the book-running lead manager for the mainboard issue.

Gala Precision Engineering key financials

Gala Precision Engineering's revenue for FY24 surged over 22% year-on-year (YoY) to ₹204.38 crore against ₹167.08 crore in FY23. Gala Precision Engineering's profit-after-tax declined to ₹22.33 crore in FY24, a decrease of nearly 8% from ₹24.21 crore in FY23. In FY24, Gala Precision Engineering's net worth grew nearly 25% to ₹104.45 crore compared to ₹83.66 crore in FY23.

Gala Precision Engineering Promoters

Gala Precision Engineering promoters include Kirit Vishanji Gala and Smeet Kirit Gala. Before the issue, the promoters jointly held a 74.56% stake in the company.

Gala Precision Engineering IPO: Objective

Gala Precision Engineering plans to use the money raised via the public issue to set up a new facility at Sriperumbudur, Tamil Nadu, for manufacturing high-tensile fasteners and hex bolts. A portion of the funds will also be used to purchase equipment, plant, and machinery in Palghar, Maharashtra, and to repay and prepay the company's borrowings.

About Gala Precision Engineering Limited

Gala Precision Engineering Limited, incorporated in February 2009, is a manufacturer of precision components such as disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). As of June 30, 2024, the company employed 294 permanent staff and 390 contract workers.