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GNA Axles lists at 22% premium over issue price

 

GNA Axles IPO subscribed two times on Day Two

  GNA Axles has listed at Rs 252, a 22% premium against issue price of Rs 207 per share, on the National Stock Exchange (NSE). The stock moved higher and hit a high of Rs 262 post listing. LINK

On the BSE, the stock hit an intra-day high of Rs 260, after listing at Rs 249. At 10:04 am, it was trading at Rs 257, up 24% against its issue price. A combined 859,510 shares changed hands on the counter on the NSE and BSE so far.

Punjab-based automobile parts maker GNA Axles raised Rs 130 crore through initial public offer (IPO), garnered 54 times subscription. While the institutional investor portion was subscribed 17 times, the high net worth individual portion was subscribed 217 times and retail individual investors portion by nearly 12 times.

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.