GNA Axles IPO
GNA Axles Limited is among the leading manufacturers of rear axle shafts used in on-highway and off-highway vehicle segments in India. GNA Axles manufactures and supplies a wide range of rear axle shafts, other shafts, and spindles for the on-highway segment, i.e. for light, medium & heavy commercial vehicles and other transport vehicles such as buses. The company also produces and supplies a diverse range of rear axle shafts and other shafts for the off-highway segment which includes agricultural tractors and machinery, forestry and construction equipment, electric carts and other specialty vehicles used in mining and defense sectors. GNA also manufacture solid and hollow spindles used in the axle assembly for various vehicles and equipment in the on-highway segment, primarily for export customers.
GNA Axles has a broad customer base for both the on-highway and off-highway segments and the company’s customers are based in India and overseas. The company’s biggest customers include original equipment manufacturers (OEMs) such as John Deere, Mahindra & Mahindra (M&M), Tractors and Farm Equipment Limited (TAFE) as well as tier-1 suppliers to OEMs such as Automotive Axles Limited, Meritor HVS AB and Dana Limited.
The company has two manufacturing plants in districts Hoshiarpur and Kapurthala in Punjab.
|Subscription Dates||14 – 16 September 2016|
|Price Band||INR205 – 207 per share|
|Fresh Issue Size||6,300,000 shares|
|Total IPO size||6,300,000 shares|
|Minimum bid (lot size)||70 shares|
|Face Value||INR10 per share|
|Listing On||BSE, NSE|
|Fresh issue size||INR130 crore|
|Purchase of plant and machinery||INR80.07 crore|
|Working capital requirements||INR35 crore|
|Name of shareholder||Equity Shares||Percentage (%)|
|Jasvinder Singh Seehra||2,630,400||17.34|
|Keerat Singh Sehra||212,500||1.40|
GNA Axles’ financial performance (in INR crore)
|Profit after tax||16.9||4.8||13.2||21.6||25.9|