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The addition to MSCI’s indices has sent Riyadh stocks into a bull market and brought record fund inflows
Gala Precision Engineering IPO listing today: Shares of Gala Precision Engineering made a robust debut on the stock exchanges on Monday, despite an otherwise weak market sentiment. Gala Precision Engineering shares listed at Rs 750 on the BSE, reflecting a premium of 41.77 per cent over their issue price of Rs 529.
On the NSE, the company’s shares opened at Rs 721.10, a premium of 36.31 per cent over their issue price, on Monday.
With this strong listing, Gala Precision Engineering delivered returns of Rs 221 per share, or over 41 per cent, to investors who were allocated shares during the initial offering.
Ahead of their debut on the bourses, the shares of Gala Precision Engineering were quoted at a strong grey market premium of Rs 245 or 46.31 percent, indicating a strong market debut, according to several sources tracking grey market activity.
NSE data reveals that investors bid for 44,790,604 shares against the 22,23,830 shares offered. The impressive subscription was largely driven by non-institutional investors, who bid for 414.62 times the shares on offer, followed by Qualified Institutional Buyers (QIBs) who subscribed 232.54 times, and retail investors who subscribed 91.95 times by the close of the issue, as per NSE data.
About Gala Precision Engineering:
Gala Precision Engineering is a manufacturer specialising in precision engineering components, offering a broad and varied product portfolio across multiple markets. The company plans to further develop its expertise in key sectors such as renewable energy, industrial, and mobility by continuously reinforcing its core strengths in precision engineering for sustainability.
First Published: Sep 09 2024 | 10:08 AM IST
