Gala Precision Engineering IPO: Anchor Investors Infuse ₹50.29 Crore Ahead Of September 2 Opening

Gala Precision Engineering Limited, a player in the precision component manufacturing sector is set to open its public subscription on Monday (September 2, 2024). Ahead of its public issue, the company has raised Rs 50.29 crores from the anchor investors.

The company on August 30, 2024, has allocated 9,50,586 equity shares at a price of Rs 529 per share to anchor investors.

Furthermore, a mix of both foreign and domestic institutions participated in the anchor round which included NAV Capital Emerging Star Fund, Negen Undiscovered Value Fund, Cognizant Capital Dynamic Opportunities Fund, and others.

About the IPO Details

The Gala Precision Engineering IPO is set to open on September 2 and is scheduled to close on September 4.

The price band for the IPO is set between Rs 503 and Rs 529 per equity share, with the upper end potentially raising Rs 167.93 crores.

The IPO will consist of a fresh issue of up to 25,58,416 equity shares, coupled with an offer for sale (OFS) of up to 6,16,000 equity shares by both Promoter Group Selling Shareholders and Individual Selling Shareholders.

Investors participating in it can place bids starting from 29 equity shares, with bids to be made in multiples of 28 shares thereafter.

The IPO is based on the Book Building Process.

For Qualified Institutional Buyers (QIBs), 50 per cent of the net offer is reserved. Similarly, 15 per cent is reserved for Non-institutional Bidders (NIBs) and the remaining 35 per cent is reserved for Retail Individual Bidders (RIBs).

Market Listing

Once the IPO concludes, the shares of the company are set to be listed on both the BSE and NSE.