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GNA Axles to make stock market debut on Monday

Auto component maker GNA Axles, which recently concluded its IPO, will list its shares on the bourses on Monday.

By: | New Delhi | Updated: September 23, 2016 1:10 PM
GNA Axles IPO GNA Axles had fixed the price band at Rs 205–207 per share for the offer. (Photo: Reuters)

Auto component maker GNA Axles, which recently concluded its IPO, will list its shares on the bourses on Monday. 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 non institutional investors a whopping 217.47 times.

Retail investors category was subscribed 11.84 times.

The company proposes to utilise the net proceeds of the issue for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.

PNB Investment Services and Ambit Private were the book running lead managers to the issue.

The equity shares of GNA Axles are proposed to be listed on the NSE and BSE.

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