GNA Axles Limited’s IPO to open on September 14, 2016

GNA Axles Limited is all set to accept bids for its IPO on September 14, 2016. The price band for the issue will be Rs 205-Rs 207 per equity share and the face value will be Rs 10 per share.

Details for the issue are :- 

• Public Issue of up to 6,300,000 equity shares
• Net Issue to the public up to 6,100,000 equity shares
• Employee reservation portion of up to 200,000 equity shares
• The minimum bid lot is 70 equity shares and in multiples of 70 equity shares thereafter.
• Issue Opening Date –September 14, 2016 and Issue Closing Date – September 16, 2016

The Issue and the Net Issue will constitute 29.35% and 28.42%, of the Post-Issue paid-up Equity Share Capital of the Company, respectively.

PNB Investment Services Limited and Ambit Private Limited are the Book Running Lead Managers (“BRLMs”) to the Issue. The Registrar to the Issue is Link Intime India Private Limited. The equity shares of GNA Axles Limited are proposed to be listed on NSE and BSE.

The IPO is hitting the markets at a time when markets are on a roll, even as Sensex touched its 18 months' high at 28836 levels on Tuesday (intra-day basis) at 2 p.m.

Sensex is up by almost 28 per cent from its budget day lows in April this year. The company , as per RHP , proposes to utilise the net proceeds of the issuer for :- (a. )purchase of plant and machinery ,(b.)to meet working capital requirements and (c.) general corporate purposes.