- By Aditya Pratap Singh
- Mon, 09 Sep 2024 11:36 AM (IST)
- Source:JND
Gala Precision Engineering's stock made a spectacular debut on the stock exchanges on Monday. Shares of Gala Precision Engineering opened at Rs 721.10 per share on the NSE, which was 36.31 percent higher than the issue price of Rs 529. and it opened at Rs 750 on the BSE today, which was 41.78 percent higher than the issue price.
Before the listing, Gala Precision shares were trading at a premium of Rs 245-250 per share, suggesting a listing pop of about 50 percent for investors. However, at the time of the announcement, the IPO allocation was around Rs 290.
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Gala Precision Engineering is a thane-based manufacturer of precision components such as coil and spiral springs (CSS), special fastening solutions (SFS), and disc and strip springs (DSS). The company was founded in February 2009 and it supplies these products to original equipment manufacturers (OEMs).
Gala Precision IPO subscription status
According to NSE data, the issue was overall subscribed 201.41 times after receiving a strong response. The Qualified Institutional Bidder Quota (QIB) was subscribed 232.54 times, while shares reserved for non-institutional investors received bids of 414.62 times. The retail portion was subscribed 91.95 times.
Gala Precision IPO details
The Gala Precision Engineering IPO was priced between Rs 503 and Rs 529 per share between September 2 and September 4. Investors had to bid for a minimum of 28 shares (Gala Precision IPO Lot Size). The company raised Rs 167.93 crore through the IPO, which included Rs 135.34 crore in fresh equity and up to 6.16 lakh shares in offer-for-sale (OFS).