GNA Axles Rs 130-Crore IPO To Open On September 14

New Delhi: Auto components maker GNA Axles’ initial public offering of will hit the capital markets on September 14, to raise an estimated Rs 130 crore.

Jalandhar-based GNA Axles, manufacturer of rear axle shafts used in on-highway and off-highway vehicular segments, will be launching its IPO scheduled to open on September 14, and close on September 16, with a price band of Rs 205-207 per share, the company said in a statement on Tuesday.

The IPO comprises of 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.

The anchor investor issue period shall be September 12, being one working day prior to the issue opening date, it said.

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, the statement said.

The issue and the net issue will constitute 29.35 per cent and 28.42 per cent, of the post-issue paid-up equity share capital of the company, respectively.

PNB Investment Services Limited 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 stock exchanges NSE and BSE.