Gala Precision Engineering shares closes at upper circuit IPO after listing at 42% premium

Shares of Gala Precision Engineering Limited closed at upper circuit on debut after listing at a 42% premium.

The scrip listed Rs 750 per share on BSE, a premium of 41.78% and Rs 721.10 per share on NSE, a premium of 36.31%. The company's share price closed at Rs 787.05 per share on the BSE, a premium of 48.78%, and at Rs 757.15 per share on the NSE, a premium of 43.13%.

As per NSE, the total quantity traded stood at 7.89 lakh shares, on BSE the total Quantity stood at 3.97 lakh shares. Total Turnover (BSE+NSE) on Day 1 stood at Rs 88.51 crore.

The Market Capitalization of the Company at today's closing price stood at Rs. 997.19 Crore as per BSE and Rs. 959.31 Crore as per NSE.

The company had offered Rs 167.93 crore issue for subscription from September 2 to September 4. This garnered substantial interest, and the offer was subscribed 201.41 times. Qualified Institutional Buyer and Non-Institutional Investors Portion was subscribed 232.54 times and 414.61 times respectively. Retail Portion was subscribed 91.94 times, whereas Employee Portion was subscribed 258.99 times.

Gala Precision Engineering Limited is a precision component manufacturer of technical springs like disc & strip springs ("DSS"); coil & spiral springs ("CSS") and special fastening solution ("SFS").

Led by Kirit Vishanji Gala, Gala Precision is a technology-driven company with a strong focus on quality, design tool development, and application engineering. It has more than 3 decades of experience in developing customized products to meet the evolving needs of its customers and commands an approximation of 15% market share in the domestic SFS market for wind turbines.

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 hydro power plants, various industrial sectors such as electrical, off highway equipment, infrastructure and general engineering, mobility segments such as automotive and railways.

Its business primarily comprises of springs technology division, under which it manufactures DSS including wedge lock washers ("WLW"), CSS and SFS in which it manufactures anchor bolts, studs and nuts.

PL Capital Markets Private Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.

Shares of Gala Precision Engineering Limited was last trading in BSE at Rs. 787.05 as compared to the previous close of Rs. 0.00. The total number of shares traded during the day was 396639 in over 16465 trades.

The stock hit an intraday high of Rs. 787.45 and intraday low of 721.00. The net turnover during the day was Rs. 303451769.00.

Source : Equity Bulls

Keywords

GalaPrecisionEngineering IndustrialProducts INE0RE001014 Listing IPO