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GNA Axles to list on BSE, NSE on Sept 26; 5 things to know

GNA Axles, which received an overwhelming response from investors and oversubscribed by 57.43 times, is going to be listed on BSE and NSE on Monday

By: | New Delhi | Updated: September 23, 2016 1:29 PM
BSE SENSEX NSE NIFTY GNA Axles GNA Axles, which received an overwhelming response from investors and oversubscribed by 57.43 times, is going to be listed on BSE and NSE on Monday (Express Photo)

GNA Axles, which received an overwhelming response from investors and oversubscribed by 57.43 times, is going to be listed on BSE and NSE on Monday (September 26). The company had fixed a price band of Rs 205-207 per share for the public offer. Retail investors quota was oversubscribed by 11.84 times. The initial public offer was opened for subscription from September 14 to September 16.

Below are five things you should know before it listed on bourses:

1) Qualified institutional buyers category was also oversubscribed 17.18 times, while non-institutional investors quota subscribed 217.47 times.

2) The objective of the IPO was to utilise the net proceeds of the public offer for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.

3) The company raised around Rs 37.88 crore by allotting 18.3 lakh shares to anchor investors at the upper price band of Rs 207 per share.

4) The company is engaged in the business of manufacturing axle shafts used in on-highway and off-highway vehicular segments in India. The company manufactures and supplies a range of axle shafts, other shafts and spindles for the on-highway segment, i.e. for light commercial vehicles (LCVs), medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs) and other transport vehicles such as buses.

5) In the financial year ended March 2016, GNA’s domestic sales 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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