Gala Precision Engineering IPO subscribed 201 times by final day

Gala Precision Engineering IPO: Gala Precision Engineering's share sale via initial public offering (IPO) was subscribed a whopping 201.41 times, indicating very high demand of its shares during the IPO which ended on Wednesday, September 4.

Gala Precision Engineering IPO received 44,79,02,252 bids for 22,23,830 shares on offer. Gala Precision Engineering shares were in high demand among all category of investors specially among the non-institutional investors. Portion reserved for non-institutional investors, which comprise of high-net worth individuals, was subscribed 414.62 times. Non-institutional investors placed 19,70,63,888 bids for 4,75,293 shares on offer reserved for them.

Large investors like banks and financial institutions, which fall under the category of Qualified Institutional Buyers (QIBs), placed bids for 14,73,66,856 as against 6,33,724 shares reserved for them indicating oversubscription of 232.54 times.

Portion was retail investors was booked 91.95 times as they placed bids for 10,19,70,652 shares as against 11,09,017 shares set aside for them.

Gala Precision Engineering raised Rs 167.93 crore from the IPO which comprised of fresh issue of Rs 135.34 crore and an offer for sale worth Rs 32.59 crore. The company sold shares in price band of Rs 503-529 per share and a retail investor was allowed to bid for minimum one lot of 28 shares up to maximum of 13 lots. At the upper end of the price band, one lot of Gala Precision Engineering shares was priced at Rs 14,812.

Gala Precision Engineering Limited is a manufacturer of precision components such as disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The company supplies these products to original equipment manufacturers (OEMs).

Its shares are expected to list on stock exchanges on September 9.