Gala Precision Engineering Sets IPO Price Band for Rs 168-Crore Offering

Gala Precision Engineering Ltd announced its IPO price band of Rs 503-529 per share, targeting a Rs 168-crore raise. The IPO, happening from September 2 to September 4, includes a fresh issue and an offer for sale. Funds will boost manufacturing facilities and pay off debts.

Gala Precision Engineering Ltd has set a price band of Rs 503-529 per share for its Rs 168-crore initial public offering (IPO), the company announced on Tuesday. The share sale will commence on September 2 and close on September 4.

The IPO consists of a fresh issue of 25.58 lakh equity shares worth Rs 135.34 crore and an offer for sale (OFS) of 6.16 lakh equity shares valued at Rs 32.58 crore, involving promoters and individual shareholders. This totals Rs 168 crore at the upper price band of Rs 529. Funds will be used for a new manufacturing facility in Tamil Nadu, equipment purchases in Maharashtra, debt repayment, and general corporate purposes. Gala Precision Engineering specializes in manufacturing technical springs and fasteners.

The company supplies to OEMs, Tier 1, and channel partners across sectors like renewable energy, industrial applications, and mobility segments. Its fiscal 2023-24 revenue was Rs 202.54 crore, with a profit after tax of Rs 22.33 crore. Investors can invest in multiples of 28 shares, with PL Capital Markets Pvt Ltd as the sole book-running lead manager. The shares will be listed on BSE and NSE.

(With inputs from agencies.)