Gala Precision Engineering IPO allotment: Check application status, GMP & listing date

Gala Precision Engineering is scheduled to finalise the basis of allotment of its shares on Thursday, September 05. Bidders will get the messages, alerts or emails for debit of their funds or revocations of their IPO mandate by Friday, September 06 or over the weekend. The precision components maker had received a stellar response from the investors.
 

The IPO of Gala Precision Engineering was open for bidding between September 02 and September 04. It had offered its shares in the fixed price band of Rs 503-529 per share with a lot size of 28 shares. The company raised a total of Rs 167.93 crore from its IPO, which included a fresh share sale of up to Rs 135.34 crore and an offer-for-sale (OFS) up to 6.16 lakh shares.
 

The issue was overall subscribed a bumper 201.41 times, thanks to a strong push from all investors. The quota for qualified institutional bidders (QIBs) was booked 232.54 times. The quota for non-institutional investors was subscribed 414.62 times. The portions reserved for retail investors and employees saw bidding for 91.95 times and 259 times during the bidding process.
 

Grey market premium (GMP) of Gala Precision Engineering has inched higher after a bumper bidding for the issue amid the volatile market sentiments. Last heard, the company was commanding a premium of Rs 260-270 per share, suggesting a listing pop of nearly 50 per cent for the investors. However, it was around Rs 230 on the last day of the bidding.
 

Thane-based Gala Precision Engineering is a manufacturer of precision components such as disc and strip springs (DSS), coil and spiral springs (CSS), and special fastening solutions (SFS). The company, incorporated in February 2009, supplies these products to original equipment manufacturers (OEMs).
 

Brokerages were mostly positive on the issue, suggesting investors to subscribe to it for a long-term, citing its strong market share, long-term relationship with customers, experienced management and solid track record. However, lack of exclusivity agreements, ongoing litigation and dependence on select customers may dent its prospects.
 

PL Capital Markets is the sole book running lead manager of the Gala Precision Engineering IPO, while Link Intime India is the registrar for the issue. Shares of the company shall be listed on both BSE and NSE, with September 9, Monday as the tentative date of listing at the bourses.
 

Investors, who had bid for the issue of Gala Precision Engineering, can check the allotment status on the Bombay Stock Exchange (BSE) website:

1) Visit https://www.bseindia.com/investors/appli_check.aspx

2) Under the issue type, click Equity

3) Under the issue name, select Gala Precision Engineering Limited in the dropbox

4) Write the application number

5) Add the PAN card ID

6) Click on 'I am not a Robot' and hit search button
 

Investors can also check the allotment status on the online portal of Link Intime India (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.
 

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus. It is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries post issue.
 

1) Go to the web portal of Link Intime Limited

2) Select the IPO/FPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA

5) Enter the details of the mode you selected in Step 2

6) For security purposes, fill the captcha accurately

7) Hit submit.