Gala Precision Engineering IPO sails through within 1 hour of bidding. Check GMP and other details
As of 11 am, the retail and non-institutional investor (NII) categories saw strong demand, with subscriptions at 2.74 and 2.15 times, respectively. The employee-reserved category was subscribed to 11.89 times, while the portion reserved for qualified institutional buyers (QIBs) did not receive any bids.
Meanwhile, the current grey market premium (GMP) for Gala Precision Engineering is Rs 240, reflecting a 45% premium in the unlisted market.
Some promoter and promoter group entities are participating in the OFS, offloading 510,000 shares. Additionally, other individual investors are also partially reducing their stakes.
The proceeds from the fresh issue will be used to establish a new facility at Vallam-Vadagal for manufacturing high-tensile fasteners and hex bolts, fund capital expenditures for equipment, plant, and machinery at Wada, Palghar, repay debt, and cover general corporate purposes.
Gala Precision Engineering IPO price band
The issue is priced in the range of Rs 503-529 per share, with investors able to bid for 28 shares per lot and in multiples thereafter.
Gala Precision Engineering IPO review
Analysts have given a thumbs-up to the IPO, citing the company's dominant market position, global Tier-1 client base, and attractive valuation.
«At a higher price band, GPEL is demanding an EV/Sales multiple of 2.9x, which is at a discount to peer average of 4.7x. Thus the issue is attractively priced,» said Choice Equity Broking while assigning a 'subscribe' rating.
«The IPO's valuation aligns with
