Gala Precision Engineering IPO will stop taking bids from September 04r. It opened the issue to investors on September 02. The company wants to raise a total of Rs 167.93 crore through a combination of fresh shares and an offer for sale.
GMP
The company’s shares were fetching a premium of 44% in the grey market. It is an unofficial place where shares trade illegally ahead of listing.
Price Band
Gala Precision Engineering set the IPO price band between Rs 503 to Rs 529 per equity share. The allotment of shares is expected to be finalised by September 05. The listing is likely to be on NSE and BSE on September 09, as per the tentative schedule.
Minimum Investment Requirement
A retail buyer needs to apply for at least 28 shares or one lot, amounting to Rs 14,812. There are different lot sizes for small and big NIIs.
BRLM and Registrar
PL Capital Markets was the lead book runner of the Gala Precision Engineering IPO, while Link Intime handled the work of the registrar.
Expert’s Take on Gala Precision Engineering
The company plans to further develop its expertise in the key sectors of renewable energy, industrial, and mobility by continuously reinforcing its core strengths in precision engineering for sustainability. It has expanded its range of fastening solutions for the wind segment, developing high-tensile fasteners as an import substitute for leading global wind turbine manufacturers in India. “We believe that the issue is fairly priced, therefore we recommend “Subscribe – Long Term” rating to the IPO,” said Anand Rathi Research in an IPO note.