Sep 2, 2024
By: Sourabh Jain
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Maharashtra-based Gala Precision Engineering’s initial public offering (IPO) is now open and will close on Wednesday, September 4.
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Gala Precision Engineering has fixed a price band of ₹503-₹529 per share for its public issue.
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Gala Precision Engineering is a Maharashtra-based manufacturer of precision components such as disc and strip springs, special fastening solutions and more.
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Gala Precision Engineering is looking to raise ₹167.93 crore from the current IPO. This includes a fresh issue of ₹135.34 crore and an offer for sale (OFS) of ₹32.59 crore.
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Investors can bid for a minimum of 28 shares and in multiples of 28 shares thereafter.
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The company, founded in 2009 supplies its products to several countries including USA, China, Germany, Italy and more. It has over 175 customers in 25 countries.
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The company’s income was ₹204.38 crore in FY24, up from ₹167.08 crore in FY23. The company reported a profit of ₹22.33 crore in FY24, up from ₹24.21 crore profit reported in FY23.
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The company’s top customers account for nearly half of its revenues. Any changes in the customers’s orders might have an adverse impact on the company.
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The funds raised will be used for setting up a new facility, funding capital expenditure requirements, repayment of borrowings and general corporate purposes.
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