GNA Axles made stock market debut at Rs 252, a 22 per cent premium as compared to the issue price of Rs 207 per share, on the National Stock Exchange (NSE). The stock moved up and touched a high of Rs 262 post listing. At 11.00am, it was trading at Rs 257, up 24% against its issue price. So far, approximately 12,44,441 shares changed hands on the counter as per NSE.
Punjab-based GNA Axles’ Rs. 130 crore initial public offer (IPO) received huge response from the market. It was subscribed 55 times. The portion kept for qualified institutional buyers (QIBs) was oversubscribed by 17.18 times, whereas the non-institutional investors sector was oversubscribed an enormous 217.47 times. Retail investors’ segment was subscribed 11.84 times. The company has decided to utilize the net proceeds of the issue in order to purchase of plant and machinery (Rs. 80 crore), meet working capital requirements (Rs. 35 crore) and other general corporate purposes.
On 12th September, the company raised approximately Rs.38 crore by allotting 18.3 lakh shares to anchor investors by selling shares at Rs.207 a piece. The three-day public issue locked on 16 September; setting a price band of Rs.205-207 per share. On the last day of the offer GNA Axles’ Rs 130 crore IPO was oversubscribed 54.76 times. The IPO gathered bids for 24,47,79,150 shares versus the total issue size of 44,70,000 shares, as per the data available with the NSE. Read more about GNA Axles IPO in “GNA Axles to Make the Debut In D-Street“.
The company has faced a topline CAGR of 13 per cent for the period FY13-16. In the same period, EBITDA has recorded a moderate CAGR of 23 per cent to Rs 82.8 crore in FY16. PAT has seen notable CAGR of 75 per cent over FY13-16. In the financial year 2016, its domestic sales and export sales comprised 45.29 per cent and 54.71 per cent of revenue. In the financial year 2016, the company noted consolidated net profit of Rs.25.93 crore, up 20.04 per cent from Rs.21.60 crore a year ago. Total revenue increased 18.18 per cent to Rs.508.94 crore. As seen on March 2016, total consolidated debt stood at Rs.129.57 crore. PNB Investment Services and Ambit Private are the chief managers to the issue.
Incorporated in 1993, GNA Axles manufactures automotive parts. The firm offers rear axle shafts, spindles, and splined shafts for light and commercial vehicles. GNA Axles markets its products globally.
Its customers initially include original equipment manufacturers like Mahindra & Mahindra, John Deere, Tractors and Farm Equipment, and tier-1 suppliers to OEMs such as Automotive Axles, Meritor HVS AB and Dana. The firm has two manufacturing facilities both situated in Punjab with a total annual capacity of 2.30 million rear axle shafts, 0.4 million other shafts and 0.3 million spindles.
For more information about GNA Axles IPO, read “GNA Axles To Open IPO Today, Raises 38 Cr. From Mfs”.
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