Gala Precision Engineering IPO subscribed 201.41 times, the most during this FY
MUMBAI, Sep 5 (The CONNECT) – The Initial Public Offering of Gala Precision Engineering Limited was subscribed a record 201.41 times.
This beats the previous record by Unicommerce eSolutions Ltd which was subscribed 168.35 times.
The Gala Precision Engineering issue, at a price band of ₹503-529, received bids of 44,78,95,196 shares against the offered 22,23,830 equity shares, , according to the data available on the stock exchanges.
Non-Institutional Investors portion and Qualified Institutional Buyer Portion were subscribed 414.61 times and 232.54 times respectively, whereas Employee segment 258.99 times. Retail Portion was subscribed 91.94 times.
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.
Company Information
Led by Kirit Vishanji Gala, Gala Precision is a precision component manufacturer of technical springs like disc & strip springs (DSS); coil & spiral springs (CSS) and special fastening solution (SFS).
It 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 technical springs and high tensile fasteners have been supplied to customers in countries such as Germany, Denmark, China, Italy, Brazil, USA, Sweden, Switzerland etc.
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.
The Company operates its business from its two manufacturing facilities located in Wada, Palghar, Maharashtra. Further, it is also setting up a new manufacturing facility in Vallam-Vadagal, SIPCOT, Sriperumbuddur, Tamil Nadu for developing various high-tensile fasteners to add to its existing product portfolio and new products.
For fiscal 2023–24, the company’s revenue from operations increased by 22.41%, reaching to ₹2025.45 million in Fiscal 2024 from ₹1654.65 million in Fiscal 2023, driven incremental sales of DSS due to the addition of new customers and increased demand from renewable energy, railways and industrial sectors; as well as incremental sales of CSS, owing to increased demand from the automobile industry and the commencement of supplies to the railways.
