Stock Hits ₹750, Delivers 42% Premium on Day One; Strong 42% Debut Amid Market Volatility
Amidst the weakness in the stock market, another company has made a strong start.
Gala Precision share was listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 9 September (Monday).
Gala Precision share on both exchanges were listed premium to the issue price. The issue price for the Gala Precision IPO was fixed at ₹ 529 per share.
From the date of launch of the IPO, there were indications of its listing being strong.
Gala Precision share was listed on the BSE on Monday at a price of ₹ 750 per share. Whereas, on NSE, this listing took place at a price of ₹ 721.10 per share.
In this way, successful investors got the benefit of a 42% premium on the issue price on the first day.
Gala Precision IPO received a record 201.41 times subscription. It was subscribed 232.54 times in the QIP category.
It was subscribed a record 414.62 times from the NII category. It was subscribed 91395 times from the retail category and 258.95 times for the employee.
Where Will The Company Use The Funds?
To establish an additional facility in Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu to manufacture bolts, fasteners, and hex bolts.
Purchase of plant, equipment, and machinery in Wada, Palghar in Maharashtra as well as repayment of loans and general corporate goals.
Know About The Company
Gala Precision Engineering was started in the year 2009.
The company manufactures high-precision products like disc and strip springs (DSS), coil and spiral springs (CSS), and also special solutions for fastening (SFS).
Information released on the company’s website said that they are used in electrical, off-highway equipment, infrastructure, and general engineering along with automotive and railways.
The company provides technical springs and high-tensile fasteners to a variety of countries, including Germany, Italy, China, Denmark, Brazil, the USA, Sweden and Switzerland.
Quick Fact
| Company name | Gala Precision |
|---|---|
| IPO Issue Price | ₹529 per share |
| Listing Price (BSE) | ₹750 per share |
| Listing Price (NSE) | ₹721.10 per share |
| Premium on Issue Price (BSE) | 42% |
| Subscription (Total) | 201.41 times |
| Subscription (QIP) | 232.54 times |
| Subscription (NII) | 414.62 times |
| Subscription (Retail) | 91395 times |
| Subscription (Employee) | 258.95 times |
| Founded | 2009 |
| Business Products | Disc and strip springs (DSS), coil and spiral springs (CSS), special solutions for fastening (SFS) |
| Business Sectors | Electrical, off-highway equipment, infrastructure, general engineering, automotive, railways |
| International Presence | Germany, Italy, China, Denmark, Brazil, USA, Sweden, Switzerland |
| Use of Funds | Establish additional facility, purchase machinery, repay loans, corporate goals |
| Facility Location | Vallam-Vadagal, SIPCOT, Sriperumbudur, Tamil Nadu |
| Machinery Location | Wada, Palghar, Maharashtra |
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