Gala Precision IPO booked over 201 times on day 3; check allotment and listing date

Gala Precision Engineering Limited's IPO closed with a bumper subscription. The public issue was booked more than 200 times on the third and final day of bidding, Wednesday, September 4. The mainboard issue opened for bidding on Monday, September 2.

The precision components manufacturer's initial public offer received bids for over 44.79 crore shares compared to the 22.23 lakh shares offered for bidding, leading to an overall subscription of 201.41 times.

The non-Institutional Investors (NIIs) portion was booked 414.62 times with applications for over 19.7 crore shares compared to the 4.75 lakh shares reserved for the category. The retail portion of the IPO was booked 91.95 times.

The retail investors applied for over 10.19 crore shares against 11.09 lakh shares set aside for the category.

Qualified Institutional Buyers (QIBs) placed bids for more than 14.73 crore shares against 6.33 lakh shares reserved for the category. Gala Precision Engineering IPO was subscribed 232.54 times in the QIBs category.

Employees of Gala Precision Engineering placed bids for over 15 lakh shares against 5,796 shares reserved for the category, booking their quota 258.96 times in the employee category.

Gala Precision Engineering IPO issue size and price band

Gala Precision Engineering's IPO was worth ₹167.93 crore. The book-built issue consisted of a fresh issuance of 26 lakh shares aimed at raising ₹135.34 crore and an offer for sale of 6 lakh shares aggregating ₹32.59 crore.

The IPO price band was fixed at ₹503 to ₹529 per share. The minimum application size for retail investors was a single lot of 28 shares, which aggregated to an investment of ₹14,812.

Gala Precision Engineering IPO share allotment status and listing date

Gala Precision Engineering IPO share allotment status is expected to be decided on Thursday, September 5. After the share allotment status is finalised, successful bidders will receive shares of Gala Precision Engineering in their Demat accounts and refunds will be initiated for unsuccessful bidders on Friday, September 6. Shares of Gala Precision Engineering will be listed on the BSE and NSE. The IPO listing date has been scheduled as September 9.

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. The proceeds will also be used to fund capital expenditure requirements for the purchase of equipment, plants, and machinery in Maharashtra. The money will also be used to repay and prepay the company's borrowings and for general corporate purposes.

About Gala Precision Engineering

Incorporated in February 2009, Gala Precision Engineering is primarily engaged in the manufacturing of precision components like disc and strip springs (DSS), coil and spiral springs (CSS) and special fastening solutions (SFS). The company has over 175 customers in 25 plus countries, including Germany, Denmark, China and Italy. The company’s manufacturing facilities are located in Palghar, Maharashtra. The company is also setting up a manufacturing facility in Sriperumbudur, Tamil Nadu.