GNA Axles IPO to open tomorrow

 Auto components maker GNA Axles will hit the capital markets tomorrow to raise an estimated Rs 130 crore through an initial share-sale programme.

PTI| Updated: Sep 13, 2016, 16:34 PM IST
GNA Axles IPO to open tomorrow

New Delhi: Auto components maker GNA Axles will hit the capital markets tomorrow to raise an estimated Rs 130 crore through an initial share-sale programme.

The company has fixed a price band of Rs 205?207 per share for the offer which would close on Friday.

The IPO comprises of an issue of up to 63 lakh shares. The net public issue comprises up to 61 lakh shares and an eligible employee reservation portion of up to 2 lakh shares.

GNA Axles yesterday raised around Rs 38 crore from anchor investors by selling shares at Rs 207 apiece.

The company proposes to utilise the net proceeds of the issue for purchase of plant and machinery, to meet working capital requirements and general corporate purposes.

PNB Investment Services Limited and Ambit Private Ltd are the book running lead managers to the issue.

The equity shares of GNA Axles are proposed to be listed on the NSE and BSE.

So far this year, 17 companies have made their stock market debut.

The IPO of L&T Technology Services is currently underway.