GNA Axels Lists At 24.6% Premium To Issue Price
Shares of GNA Axels rose 4% more right after listing.
GNA Axels Ltd. made its stock market debut at Rs 258, a 24.6 percent premium to the issue price of Rs 207 per share. The stock rose another 4.2 percent to Rs 259 after listing, on the Bombay Stock Exchange.
The auto parts maker’s initial public offer was subscribed 54.88 times. It had raised Rs 37.9 crore from anchor investors on September 12.
The company will utilise the proceeds of the Rs 130 crore IPO for purchase of plant and machinery, to meet working capital requirements and general corporate purposes, it said in its draft red herring prospectus.
PNB Investment Services Ltd. and Ambit Private Ltd were lead managers to the issue.
By the end of its listing day, the stock closed 1.4 percent lower than its listing price at Rs 245 per share.
(With inputs from PTI)