GNA Axles lists at over 20% premium on BSE, NSE

Auto component maker GNA Axles listed its shares on the NSE at Rs 252.00, a premium of 22% over its issue price of Rs 207.

On the BSE, the stock was listed at Rs 248.50 with a premium of over 20% over its issue price.

Within minutes, the stock gathered momentum and touched an early high of Rs 260 on the BSE and Rs 261.80 on the NSE.

GNA Axles' Rs 130-crore IPO was oversubscribed nearly 55 times during September 14-16. The company had fixed the price band at Rs 205 207 per share for the offer.

The portion reserved for qualified institutional buyers (QIBs) was oversubscribed 17.18 times, while that of the non institutional investors category by a whopping 217.47 times. Retail investors' category was subscribed 11.84 times.

The company proposes to utilise the proceeds of the issue for purchase of plant and machinery, meet working capital requirements and other general corporate purposes.