Gala Precision Engineering Ltd IPO Opens On September 02. Check IPO Details Issue Date Price

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Gala Precision Engineering Ltd IPO Opens On September 02. Check IPO Details Issue Date Price

August 30, 2024
Gala Precision Engineering Ltd IPO Opens On September 02. Check IPO Details Issue Date Price

Gala Precision Engineering Limited is coming out with an initial public offer to raise Rs. 167.93 crores from the market.

Below are the details of the Gala Precision Engineering Limited IPO:

  • Issue opens – September 02 (Monday)
  • Issue closes – September 04 (Wednesday)
  • Issue size – Rs. 167.93 crores
  • Price band – Rs. 503 to 529 per equity share
  • Bid lot – 28 shares and in multiples thereof.

And here are some details of the company and further details on the IPO.

Company Details:

  • Gala Precision Engineering Limited is a precision component manufacturer of technical springs like disc & strip springs (“DSS”) including wedge lock washers; coil & spiral springs (“CSS”) and special fastening solution (“SFS”) supplying 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 equipments, infrastructure and general engineering, mobility segments such as automotive and railways (Source: 1Lattice Report). Their listed competitors include Harsha Engineers International Limited, SKF India Limited, Sundram Fasteners Limited, Rolex Rings Limited, Sterling Tools Limited and Ratnaveer Precision Engineering Limited. Their technical springs and high tensile fasteners have been supplied to customers in countries such as Germany, Denmark, China, Italy, Brazil, USA, Sweden, Switzerland etc. Accordingly, they are a key link in the global supply chain for OEMs.
  • Their business primarily comprises of (i) springs technology division, under which they manufacture DSS including wedge lock washers (“WLW”), CSS and (ii) SFS in which they manufacture anchor bolts, studs and nuts.
  • Their DSS products find applications in renewable energy, railways, automobiles, off highway vehicles, heavy machinery, electrical and power equipment’s. Their disc springs confirm to German DIN 2093 standards, bearing series, and customized specifications featuring variety of raw materials and surface coating options. They manufacture strip springs customised for high fatigue applications. They are mainly competing with Muhr und Bender KG, Schnorr GmbH, Christian Bauer GmbH + Co. KG in the global disc springs market and with International Industrial Springs in disc springs in India.
  • Their CSS products are used in commercial vehicles, passenger vehicles, railways and industrial infrastructure. They have positioned themselves as a key import substitution for European springs suppliers and multinationals looking at PLI Schemes and other incentives offered by the Government. They have also entered in a new related product category called retractor springs. These springs are a critical component for safety of the passenger. They are mainly competing with Stumpp Schuele & Somappa Springs Private Limited, NHK Springs India Limited, and Muhr und Bender KG in the CSS market.
  • Under SFS, they manufacture make to order fasteners in the form of studs, anchor bolts and nuts which has end use applications in renewable energy, railways, off-highway vehicles, electrical and heavy machinery industries.

Issue Size : Rs. 167.93 Cr

Employee Reservation : Up to 5796 Equity shares

Issue break-up :

QIB – 50% of the net offer – Rs. 83.81 Cr.
NIB – 15 % of the net offer – Rs. 25.14 Cr.
RET – 35% of the net offer – Rs. 58.67 Cr.

Listing : BSE & NSE

Registrar : Link Intime India Private Limited

UPI : All Retail & NII Bidders (bids up to Rs. 5,00,000) Applications through brokers are compulsorily in UPI Mode

Note:

Application made using third party UPI or ASBA Bank A/c are liable to be rejected.

The UPI Mandate acceptance time for Retail and NII Bidders (bids up to Rs. 5,00,000) shall expire at 5:00 PM on the closing day of the IPO i.e., Wednesday, September 04th, 2024.

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