Gala Precision Engineering Limited is gearing up for its Initial Public Offering (IPO), inviting the public to invest in the company’s shares. The firm has already attracted significant interest, having secured ₹50.29 crore from anchor investors before the IPO officially opens.
The IPO will be available from Monday, September 2, 2024, to Wednesday, September 4, 2024. During these dates, investors can apply for shares. The offering includes a fresh issue of up to 25,58,416 equity shares and an offer for sale (OFS) of up to 6,16,000 shares by the promoter group and individual shareholders. Shares are priced between ₹503 and ₹529 each. At the top end of this range, the IPO could generate ₹167.93 crore. Investors need to apply for a minimum of 28 shares, with additional shares being offered in multiples of 28. The minimum price, or floor price, is 50.3 times the face value, while the maximum price, or cap price, is 52.9 times the face value.
The share allocation is divided among different investor categories: up to 50% for Qualified Institutional Buyers (QIBs), 15% for Non-Institutional Investors (NIIs), and 35% for retail investors. The share allotment will be determined on Thursday, September 5, 2024. Refunds for unsuccessful applications will be issued on Friday, September 6, 2024, with shares credited to successful investors’ demat accounts on the same day. The shares are set to debut on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on Monday, September 9, 2024.
Founded in 1989, Gala Precision Engineering specializes in manufacturing high-precision components such as disc and strip springs, coil and spiral springs, and specialized fastening solutions. Their products serve original equipment manufacturers (OEMs) across various industries, and the company has built a strong reputation for quality over the years.
Investing in Gala Precision Engineering could be promising due to its growth prospects, experienced management, diverse customer base, and commitment to quality. As with any IPO, thorough research is essential to make informed investment decisions.
