GNA Axles IPO oversubscribed 2 times on Day 2

Auto components maker GNA Axles' Rs 130-crore IPO was oversubscribed two times on the second day of the bidding today.
The IPO received bids for 90,80,680 shares against total issue size of 44,70,000 shares, data available with the NSE till 1800 hrs showed.
The portion reserved for qualified institutional buyers (QIBs) was subscribed 79 per cent, while non-institutional investors category got oversubscribed 2.15 times.
The quota set aside for retail investors too was oversubscribed 2.85 times.
The issue was subscribed 64 per cent yesterday.
The company has fixed the price band at Rs 205-207 per share for the offer, which is closing tomorrow.

The IPO comprises 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 on Monday 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 and Ambit Private 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 market debut.