North India Statesman
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New Delhi, 27 August (HS). Another company is going to be listed in the stock market next month. Gala Precision Engineering Limited's initial public offering (IPO) will open on Monday, September 02, 2024. The company has fixed the price band for this at Rs 503-529 per share. The size of this IPO is around Rs 168 crore.
The company said in a statement issued on Tuesday that its IPO will open on September 2 and close on September 4, 2024. Under this IPO, 25.58 lakh new equity shares worth Rs 135.34 crore will be issued. Investors can bid in this IPO for a minimum of 28 equity shares and in multiples of 28 equity shares thereafter.
Gala Precision Engineering has fixed the price range of Rs 503-529 per share for its IPO. In this IPO, 6.16 lakh equity shares worth Rs 32.58 crore will be sold through Offer for Sale (OFS). The company plans to raise Rs 168 crore from the IPO. The company will use the amount raised from this IPO for its capacity expansion, debt repayment and general operations. The company's shares are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
It is worth mentioning that Gala Precision Engineering Limited is a technology driven company. It mainly works on quality, design tool development and application engineering. Apart from this, the company is a precision component manufacturer of technical springs such as disc and strip springs (“DDS”), coil and spiral springs (“CSS”) and special fastening solutions (“AFS”).
