At Rs 245.15 on BSE
Shares of GNA Axles settled at Rs 245.15 on BSE, a premium of 18.43% over the underlying open offer cost of Rs 207.
The stock appeared at Rs 248.50, a premium of 20.05% to the underlying open offer (IPO) cost. The stock hit a high of Rs 260 and low of Rs 242.20 in intraday exchange. On BSE, 5.93 lakh shares were exchanged on the counter.
The IPO of GNA Axles saw solid reaction from speculators. Offering for the IPO finished on 16 September 2016. The IPO got offers for 24.52 crore shares and it was subscribed 54.88 times. The organization had evaluated the IPO at the top end of the Rs 205 to Rs 207 value band.
GNA Axles had raised Rs 37.88 crore by offering 18.30 lakh shares to stay speculators in front of the opening of the organization's IPO. The shares were assigned to the stay speculators at Rs 207 for each offer, the top end of the Rs 205 to Rs 207 for each offer value band for the IPO.
The net continues from the IPO will be used towards the buy of plant and apparatus, to meet working capital necessities; and for the general corporate purposes.
GNA Axles' solidified net benefit rose 20.17% to Rs 25.96 crore on 18.18% ascent in absolute income to Rs 508.94 crore in the year finished 31 March 2016 (FY 2016) throughout the year finished 31 March 2015 (FY 2015).
Built up in 1993, GNA Axles is into assembling of back hub shafts utilized as a part of on-expressway and off-roadway vehicular portions in India. The organization makes and supplies a different scope of back hub shafts, different shafts and axles for the on-interstate portion, i.e. for light business vehicles (LCVs), medium business vehicles (MCVs) and substantial business vehicles (HCVs) and other transport vehicles, for example, transports. The organization likewise produces and supplies a various scope of back pivot shafts and different shafts for the off-expressway portion, i.e. for agrarian tractors and hardware, ranger service and development types of gear, electric trucks and other claim to fame vehicles utilized as a part of mining and resistance divisions. The organization additionally fabricates strong and empty axles utilized as a part of the hub get together for different vehicles and types of gear in the on-thruway section which it supplies to fare clients.