Stock Market

GNA Axles Rs 130-cr IPO oversubscribed 55 times on strong investors’ support

Chillicious Bureau

Rear axle shafts manufacturer GNA Axles’ 63 lakh equity shares public issue has oversubscribed 54.88 times on Friday, the last day of subscription.

The Rs 130-crore IPO has received bids for 24.53 crore equity shares against issue size of 44.7 lakh shares (excluding anchor investors’ portion), as per data available on the exchange.

The reserved portion of qualified institutional investors oversubscribed 17.18 times and non-institutional investors 217.47 times.

The reserved category of retail investors also oversubscribed 11.84 times.

GNA Axles’ public issue opened for subscription on September 14 with a price band of Rs 205-207 per share.

The Jalandhar-based company already raised Rs 37.88 crore from three anchor investors.

It intends to utilise the net issue proceeds for purchase of plant & machinery; working capital requirements; and general corporate purposes.

Equity shares are proposed to be listed on NSE and BSE.

PNB Investment Services and Ambit Private Limited are book running lead managers to the issue while the registrar is Link Intime India Private Limited.