GNA Axles to make stock market debut on Monday

The Rs130 crore initial public offering (IPO) of auto component maker GNA Axles oversubscribed nearly 55 times


GNA Axles Ltd plans to use the net proceeds of the issue for buying plant and machinery, meeting working capital needs and other general corporate purposes.
GNA Axles Ltd plans to use the net proceeds of the issue for buying plant and machinery, meeting working capital needs and other general corporate purposes.

New Delhi: Auto component maker GNA Axles Ltd, which recently concluded its initial public offering (IPO), will list its shares on the bourses on Monday.

GNA Axles’s Rs130 crore IPO was oversubscribed nearly 55 times between 14 and 16 September. The company had fixed the price band at Rs205–207 per share.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 17.18 times, while for non-institutional investors it was subscribed 217.47 times. The retail investors’ category was subscribed 11.84 times.

GNA Axles plans to use the net proceeds of the issue for buying plant and machinery, meeting working capital needs and other general corporate purposes.

PNB Investment Services, and Ambit Private were the book running lead managers to the issue. The equity shares of GNA Axles are proposed to be listed on NSE and BSE.

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