GNA Axles IPO to open on Sept 14, price band at Rs 205-207/sh

Moneycontrol Bureau

Jalandhar-based rear axle shafts manufacturer GNA Axles has decided to launch its Rs 130 crore initial public offering on September 14. The price band is fixed at Rs 205-207 per share.

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

"Anchor investor issue period will be September 12, being one working day prior to the issue opening date," the company said.

The minimum bid lot is 70 equity shares and in multiples of 70 shares thereafter. The issue will close on September 16.

The company intends to utilise the net issue proceeds of the issue for purchase of plant & machinery; working capital requirements; and general corporate purposes.

GNA Axles said the issue and net issue would constitute 29.35 percent and 28.42 percent, of the post-issue paid-up equity share capital of the company, respectively. Equity shares are proposed to be listed on NSE and BSE.

PNB Investment Services and Ambit Private Limited are the book running lead managers to the issue while the registrar is Link Intime India Private Limited.