The initial public offering (IPO) of GNA Axles 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. GNA Axles aims to raise `130 crore — when calculated at the upper end of the price band — at a price of between `205-207 per share.
The IPO comprises an issue of up to 63 lakh shares, of which 2 lakh shares have been reserved for employees of the company.
Qualified institutional buyers (QIBs) bid for 9.66 lakh shares of the total 12.2 lakh shares on offer, 0.79 times their quota.
High net-worth (HNIs) individuals bid for 19.66 lakh of the 9.15 lakh shares reserved for them or 2.15 times the quota. Retail investors bid for nearly 2.84 times of their quota or 60.67 lakh shares of the 21.35 lakh shares reserved for them.
Employees of the company bid for 0.27 times of their quota or 53,410 shares of the 2 lakh shares reserved for them.
On September 12, the company raised approximately `37.88 crore by allotting 18.3 lakh shares to seven anchor investors at a price of `207 apiece.
Among the investors who were allotted shares in the pre IPO placement include HDFC Mutual Fund, UTI Mutual Fund and Reliance Mutual Fund, among others.
GNA Axles ended 2016 with revenues of `508.9 crore, up 18.18% from the previous year and profit of `25.9 crore, up 20.47%. Total expenses were up 14.56% at `469.6 crore.
In fiscal 2016, GNA’s domestic sales and export sales constituted 45.29% and 54.71% of its revenue from operations, respectively, on a consolidated basis.