Business
Gala Precision Engineering IPO Allotment Scheduled for Today
The allotment status for the Gala Precision Engineering IPO is set to be released today, September 5, 2024. The public offering, which was available at a price range of Rs 503 to Rs 529 with a minimum lot size of 28 shares, concluded on Wednesday, September 4, 2024. The issue has seen an exceptional demand from investors, culminating in an oversubscription rate of 201.41 times.
Investors placed bids for a total of 44,79,06,004 shares, significantly exceeding the 22,23,830 shares that were available. Notably, the non-institutional investors showed remarkable interest, subscribing to 414.62 times the shares offered. Qualified Institutional Buyers (QIBs) accounted for 232.54 times, while retail investors subscribed 91.95 times by the final day.
The IPO received positive feedback from several brokerages, including Deven Choksey Research, Swastika Investmart, Anand Rathi Research Team, and Choice, indicating a favorable outlook for potential investors.
Today, investors can verify their allotment status on the official websites of the BSE, NSE, or Link Intime India, which serves as the registrar for the IPO.
The following direct links are available for checking the allotment status: BSE: https://www.bseindia.com/investors/appli_check.aspx; Link Intime India: https://linkintime.co.in/initial_offer/; NSE: https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp.
Ahead of its stock market debut, Gala Precision Engineering is trading at a grey market premium (GMP) of approximately Rs 260, which equates to about 49.15% over the upper IPO price. This speculation suggests a strong possibility of a positive opening for the company’s shares.
The shares are expected to be listed on the BSE and NSE on Monday, September 9, 2024. With the current GMP, the listing price is projected to be around Rs 789, potentially delivering a return close to 50% for investors.
Gala Precision Engineering specializes in manufacturing precision engineering components, catering to various sectors, including renewable energy, industrial applications, and mobility. The company aims to enhance its expertise in critical sectors while reinforcing its commitment to sustainability through precision engineering.
