Gala Precision’s IPO opens on Sep 2

New Delhi: Gala Precision Engineering Ltd on Tuesday said it has fixed a price band of Rs 503-529 per share for its Rs 168-crore initial public offering (IPO). The initial share sale will open on September 2 and conclude on September 4, the company announced. The IPO is a combination 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 by promoter group entities and individual shareholders. This aggregates the transaction size to Rs 168 crore at the upper end of the price band of Rs 529. Proceeds from the fresh issue will be used for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbudur in Tamil Nadu for manufacturing high tensile fasteners and hex bolts; purchase of equipment, plant and machinery at Wada, Palghar in Maharashtra; payment of debt and general corporate purposes. Gala Precision Engineering is a precision component manufacturer of technical springs like disc & strip springs (DSS); coil & spiral springs (CSS) and special fastening solution (SFS).