Gala Precision Engineering Secures SEBI Approval for IPO

Gala Precision Engineering Limited have received approval from the Securities and Exchange Board of India (SEBI) to move forward with their initial public offerings (IPOs) to raise funds.
Gala Precision-Engineering IPO

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Gala Precision Engineering Limited is another participant in the IPO market. It is a metal component manufacturer company planning to offer 31,74,416 or 31 lakh equity shares. This includes an offer for sale (OFS) of 616,000 or 6.16 lakh equity shares and a fresh issue of up to 25,58,416 or 25 lakh equity shares, each with a face value of ₹10, according to the exchange filing. The company filed its draft prospectus with SEBI on February 14, 2024.

Gala Precision Engineering Secures SEBI Approval for IPO

The promoters of Gala Precision Engineering are Kirit Vishanji Gala, Nayna Gala, and Vishanji Harshi Gala. Aside from the promoters, Hemlata Dhiraj Shah, Dhiraj Nanchand Shah, Urmil Dhiraj Shah, Satish Kotwani, and Rupa Sunil Mehta are also offering their individual shareholding. PL Capital Markets is the book-running lead manager for the Gala Precision Engineering public issue.

Gala Precision Engineering is a leading precision component manufacturer of technical springs like disc & strip springs (DSS) including wedge lock washers; coil & spiral springs (CSS)and special fastening solutions (SFS) supplying to original equipment manufacturers (OEMs), Tier 1 and channel partners; used in sectors like renewable energy including wind turbine and hydropower plants, various industrial sectors such as electrical, off-highway equipment, infrastructure, and general engineering, mobility segments such as automotive and railways(Source: 1Lattice Report). Their technical springs and high-tensile fasteners have been supplied to customers in countries such as Germany, Denmark, China, Italy, Brazil, the USA, Sweden, Switzerland etc.

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