GNA Axles' IPO subscribed 54 times

The Rs 130-crore initial public offering (IPO) of Punjab-based automobile parts maker GNA Axles garnered 54 times subscription. While the institutional investor portion was subscribed 17 times, the high net worth individual portion was subscribed 217 times.

The retail portion was subscribed 10 times. The price band for the IPO was fixed at Rs 205 –Rs 207 a share. GNA Axles is engaged in the manufactures shafts used in four-wheelers. The company will use the IPO money towards setting up of plant and machinery and for working capital requirement.

The IPO was handled by PNB Investment Services and Ambit.