Automobile News

GNA Axles IPO Oversubscribed Nearly 55 Times

GNA Axles IPO Oversubscribed Nearly 55 Times

New Delhi: Auto component maker GNA Axles’ Rs 130-crore IPO was oversubscribed 54.76 times on the last day of the offer on Friday.

The IPO received bids for 24,47,79,150 shares against the total issue size of 44,70,000 shares, data available with the NSE till 7:00 p.m. showed.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 17.18 times, while the non-institutional investors’ category got oversubscribed by a whopping 217.47 times, sources said.

The quota set aside for retail investors was also oversubscribed 11.65 times.

The company had fixed the price band at Rs 205-207 per share for the offer.

The IPO comprises an issue of up to 63 lakh shares. The net public issue comprises up to 61 lakh shares and an eligible employee reservation portion of up to 2 lakh shares.

GNA Axles on Monday raised around Rs 38 crore from anchor investors by selling shares at Rs 207 apiece.

The company proposes to utilize the net proceeds of the issue for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.

PNB Investment Services and Ambit Private are the book running lead managers to the issue.

The equity shares of GNA Axles are proposed to be listed on stock exchanges NSE and BSE.

Earlier this year, the initial public offer of staffing firm Quess Corp was oversubscribed by a staggering 145 times, while that of diagnostics company Thyrocare Technologies was oversubscribed 73.46 times.

Staffing company TeamLease Services’ offer was oversubscribed 66 times.