Gala Precision Engineering IPO To Open on Sept. 2

 Mumbai: Gala Precision Engineering announced Rs 167.93 crore initial public offering opening on September 2. The public issue in the price band of Rs 503 to Rs 529 per equity share of Rs 10 face value is a mix of fresh issue of Rs 135.34 crore and an offer for sale of Rs 32.59 crore. The public issue closes on September 4, 2024.

The company is into precision component manufacturing of technical springs like disc & strip springs, coil, spiral springs and special fastening solution at its manufacturing facility in Wada in Maharashtra.

Around Rs 37 crore of net proceeds from fresh issue will be used for a new manufacturing facility coming up near Chennai. The new plant near Vallam-Vadagal Industrial Park in SIPCOT, Sriperumbudur, Kancheepuram will cater to renewable energy OEMs especially wind turbine manufacturers located near Chennai. The remaining amount will be used for capital expenditure in purchase of equipment, plant and machinery for Wada plant and repayment of borrowings.