GNA Axles IPO subscribed 64% on first day of bidding

Auto components maker GNA Axles' Rs 130-crore IPO was subscribed 64 per cent on the first day of the bidding today.
The IPO received bids for 28,49,840 shares as against the total issue size of 44,70,000 shares, as per the NSE's data till 1715 hrs.
The non-institutional investors (NII) segment was oversubscribed 1.52 times, while retail investors category got subscribed 67 per cent, sources said.
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 of 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 Ltd 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 market debut.
The IPO of L&T Technology Services is currently underway.