Punjab-based GNA Axles has has decided to launch its Rs 130 crore initial public offering on September 14 and issue will close on September 16. The price band is fixed at Rs 205-207 per share.
The IPO consists of up to 63 lakh equity shares with a face value of Rs 10 each at a price to be decided later, comprising of a net issue to the public of 61 lakh shares and a reservation of two lakh shares for subscription by eligible employees.
At the upper price ban, the issue would fetch Rs 130 crore. The company intends to utilise the net proceeds in purchase of plant and machinery, besides meeting working capital requirements. It would also use a part of proceedings for general corporate purposes.
The issue will constitute 29.35% of the post-issue paid-up capital of the company and the net issue will constitute 28.42% of the post-issue paid-up capital of the company.
Mahindra & Mahindra (8.31 per cent), John Deere India (6.90 per cent) and Automotive Axles (7.10 per cent) remained some of the key clients of the company at the end of FY16.
Talbros Engineering, the only listed peer, had a P/E of 13.79 at the end of FY16. In comparison, GNA Axles’ P/E at earnings per share of Rs 207 stood at 12.09 for the year. GNA Axles has growth on net worth at 18.77 per cent compared with Talbros Engineering’s 13.97 per cent.
GNA Axles Ltd. (Mehtiana) established as the groups flagship Manufacturing company, now amongst India’s leading manufacturers of :-
- Rear Axle Shafts
- Splined Shafts
GNA Axles Ltd. has a large variety of Axle Shafts ranging from 1.5kg to 65kg & having capacity to produce up to 165kg producing about 2 million Axle Shafts annually. Our long-standing global presence is owed to experience in the development and manufacture of Real Axle Shafts.
Wide Application Range
- Light & Heavy Commercial Vehicles
- Off-Highway Vehicle’s
- Rear Axle Shafts are manufactured with flanges up to 425 mm
- Large range of Splined Shafts are manufactured to meet a variety of transmission shaft requirements.
- Hollow Spindles are the choice of Heavy Commercial Vehicles like Volvo, Renault and Specialty Vehicles in Europe & North America
Read more – http://gnagroup.com/group-companies/
Know About GNA Group
In 1947, GNA came into being in the village Bundala, District Jalandhar, in the Indian state of Punjab. It was the year that India Attained freedom. And in the years that have followed, GNA has added its mite to the endeavour of nation-building. Today, GNA is a name that has made its presence felt in the world of auto-parts, with values like integrity, commitment, dedication and latest state-of-art technology.
GNA’s biggest asset is its people. A pool of highly trained and highly motivated workforce of over 2500. Managed by a team of professional managers who are second to none.
GNA has one of the largest integrated plants of its kind in the subcontinent of Asia. With an annual turnover exceeding $105 Million coming from 3 divisions GNA Axles Ltd (Axles Division), GNA Duraparts (Gears Division) and GNA Udyog Ltd (Propeller Shafts Division). GNA group is on a fast track towards growth and globalization. The company has a large customer base covering different sectors of the automotive industry and a diversified product range. read more – http://gnagroup.com/history/
GNA Axles Ltd IPO (GNA Axles IPO) Issue Detail:
- Issue Open: Opens on September 14, 2016 And closes on September 16, 2016
- Price Band: Rs 205 – Rs 207 Per Equity Share
- Issue Type: Book Built Issue IPO
- Bid Lot: 70 equity shares or multiples thereof (Tentative)
- Face Value: Rs. 10 Per Equity Share
- Listing At: BSE, NSE
GNA Axles Ltd Promoters:
- Jasvinder Singh Seehra
- Ranbir Singh
- Gurdeep Singh
GNA Axles Ltd Main Objects of the Issue:
- Purchase of plant and machinery
- To meet working capital requirements
GNA Axles Ltd Strengths
- Leading Manufacturers of Axle Shafts in India
- Strong Long Term Customer Relationships and wide Customer Base
- Huge Manufacturing Capacity and Modern Machinery
- Experienced Management and Skilled Employee Base
- Strong Engineering, Product Development and Technological Capabilities
- Strong Financial Performance
GNA Axles IPO Allotment and Listing Dates Schedule:
12/Sep/16 – Participation by Anchor Investors
14/Sep/16 – Bid/Offer Opening Date
16/Sep/16 – Bid/Offer Closing Date
21/Sep/16 – Finalisation of Basis of Allotment
22/Sep/16 – Unblocking of Funds from ASBA Account
23/Sep/16 – Credit of Equity Shares to Demat Account
26/Sep/16 – Commencement of Trading on NSE/BSE
PNB Investment Services Limited and Ambit Corporate Finance Private Limited are book running lead managers while Link Intime India Private Limited is registrar to the issue.
View GNA Axles Prospectus: GNA-Axles-IPO-Prospectus-pdf