Ahmedabad: Gala Precision Engineering Limited is a precision component manufacturer of technical springs like disc & strip springs (“DSS”); coil & spiral springs (“CSS”) and special fastening solution (“SFS”), has fixed the price band of Rs 503/- to Rs 529/- per Equity Share of face value Rs 10/- each for its maiden initial public offer. The Initial Public Offering (“IPO” or “Offer”) of the Company will open on Monday, September 02, 2024, for subscription and close on Wednesday, September 04, 2024. Investors can bid for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter, said the company today.

The company also stated, “The IPO consists of fresh issue of up to 25,58,416 equity shares and an offer for sale (OFS) of up to 6,16,000 equity shares by Promoter Group Selling Shareholders and Individual Selling Shareholders. The proceeds from the fresh issue, to the extent of Rs 370 million for setting up a new facility at Vallam-Vadagal, SIPCOT, Sriperumbuddur, Tamil Nadu for manufacturing high tensile fasteners and hex bolts; Rs 110.69 million for funding capital expenditure requirements towards purchase of equipment, plant and machinery at Wada, Palghar, Maharashtra; Rs 454.30 million for repayment/ prepayment, in full or part, of certain borrowings availed by the Company; and general corporate purposes.”

PL Capital Markets Private Limited is the sole book running lead manager and Link Intime India Private Limited is the registrar to the offer. The equity shares are proposed to be listed on BSE and NSE.