Latest News | Gala Precision Engineering Shares Soar Nearly 42 Pc in Market Debut
Get latest articles and stories on Latest News at LatestLY. Shares of Gala Precision Engineering Ltd listed with a premium of nearly 42 per cent against the issue price of Rs 529 on Monday.
New Delhi, Sep 9 (PTI) Shares of Gala Precision Engineering Ltd listed with a premium of nearly 42 per cent against the issue price of Rs 529 on Monday.
The stock made its debut at Rs 750, a jump of 41.77 per cent from the issue price on the BSE. Later, it soared 48.77 per cent to Rs 787.
At the NSE, it listed at Rs 721.10, surging 36.31 per cent.
The company's market valuation stood at Rs 972.42 crore.
The initial public offer of Gala Precision Engineering garnered 201.44 times subscriptions on the closing day of bidding on Wednesday.
The initial share sale had a price band of Rs 503-529 per share.
The Rs 168-crore IPO had a combination of a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an Offer For Sale (OFS) of 6.16 lakh equity shares valued at Rs 32.58 crore by promoter group entities and individual shareholders.
Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes.
Gala Precision Engineering is a precision component manufacturer of technical springs like disc & strip springs (DSS); coil & spiral springs (CSS) and Special Fastening Solutions (SFS).
The company supplies its products to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy, including wind turbine and hydropower plants, various industrial sectors like electrical, off-highway equipment, infrastructure and general engineering, mobility segments, such as automotive and railways.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)