Jalandhar-based GNA Axles, which manufactures rear axle shafts for commercial vehicles, plans to raise Rs 129-130 crore from the primary market. Its IPO will be open from September 14-16.
The company is putting 63 lakh shares on the block at a price band of Rs 205-207. The minimum bid lot is 70 shares.
The company will use the proceeds to buy plant and machinery and to fund working capital requirements.
GNA’s customers include original equipment manufacturers like Mahindra and Mahindra, John Deere and TAFE and suppliers to OEMs like Automotive Axles Ltd, Meritor HVS AB and Dana Ltd.
PNB Investment Services Ltd and Ambit Pvt Ltd are the book running lead managers to the issue. After the IPO, the company’s shares will be listed on the BSE and NSE.