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GNA Axles IPO oversubscribed 54.33 times

Punjab-based auto components maker GNA Axles' Rs 130-crore IPO, or initial public offering, was oversubscribed 54.33 times on the last day of offer.

By: | New Delhi | Updated: September 16, 2016 6:09 PM
GNA Axles IPO Punjab-based auto components maker GNA Axles’ Rs 130-crore IPO, or initial public offering, was oversubscribed 54.33 times on the last day of offer.

Punjab-based auto components maker GNA Axles’ Rs 130-crore IPO, or initial public offering, was oversubscribed 54.33 times on the last day of offer. The issue received bids for 24,28,48,620 shares against 44,70,000 shares offered by the company, according to the data available with the NSE. The issue opened for subscription on September 14.

The company has fixed a price band at Rs 205–207 per share for the offer. The public offer comprises an issue of up to 63 lakh shares. The net public issue comprises up to 61 lakh shares and an eligible employee reservation quota of up to 2 lakh shares.

The company on Monday raised around Rs 38 crore from anchor investors by selling shares at the upper price band of Rs 207. The objective of the IPO is to utilise the net proceeds for buying plant and machinery, meeting working capital requirements and general corporate purposes. Ambit Private Ltd and PNB Investment Services are the book running lead managers to the issue. Shares of the company are proposed to be listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

GNA Axles’ public offer was subscribed 2.03 times on the second day with investors bidding for 90.54 lakh shares of the total 44.7 lakh shares on offer.

Among the investors who were allotted shares in the pre-IPO placement include UTI Mutual Fund, Reliance Mutual Fund and HDFC Mutual Fund, among others.

For the financial year ended March 31, 2016, GNA Axles’ domestic and export sales constituted 45.29 per cent and 54.71 per cent of its revenue from operations, respectively, on a consolidated basis.

Tags: IPO
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