Auto component maker GNA Axles today got listed at Rs 252.00 on the NSE with a premium of 22 per cent over its issue price of 207.
On the BSE, the stock got listed at Rs 248.50 with a premium of over 20 per cent over its issue price.
Within minutes, the stock gathered momentum and touched an early high of Rs 260 on the BSE and Rs 261.80 on the NSE.
GNA Axles’ Rs 130-crore IPO was oversubscribed nearly 55 times during September 14-16. The company had fixed the price band at Rs 205–207 per share for the offer.
The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 17.18 times, while that of the non institutional investors category by a whopping 217.47 times. Retail investors’ category was subscribed 11.84 times.
The company proposes to utilise the proceeds of the issue for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.