Shares of GNA Axles settled at Rs 245.15 on BSE, a premium of 18.43% over the initial public offer price of Rs 207.

The stock debuted at Rs 248.50, a premium of 20.05% to the initial public offer (IPO) price. The stock hit a high of Rs 260 and low of Rs 242.20 in intraday trade. On BSE, 5.93 lakh shares were traded on the counter.

The IPO of GNA Axles saw strong response from investors. Bidding for the IPO ended on 16 September 2016. The IPO received bids for 24.52 crore shares and it was subscribed 54.88 times. The company had priced the IPO at the top end of the Rs Rs 205 to Rs 207 price band.

GNA Axles had raised Rs 37.88 crore by selling 18.30 lakh shares to anchor investors ahead of the opening of the company's IPO. The shares were allotted to the anchor investors at Rs 207 per share, the top end of the Rs 205 to Rs 207 per share price band for the IPO.

The net proceeds from the IPO will be utilised towards the purchase of plant and machinery, to meet working capital requirements; and for the general corporate purposes.

GNA Axles' consolidated net profit rose 20.17% to Rs 25.96 crore on 18.18% rise in total revenue to Rs 508.94 crore in the year ended 31 March 2016 (FY 2016) over the year ended 31 March 2015 (FY 2015).

Established in 1993, GNA Axles is into manufacturing of rear axle shafts used in on-highway and off-highway vehicular segments in India. The company manufactures and supplies a diverse range of rear axle shafts, other shafts and spindles for the on-highway segment, i.e. for light commercial vehicles (LCVs), medium commercial vehicles (MCVs) and heavy commercial vehicles (HCVs) and other transport vehicles such as buses. The company also manufactures and supplies a diverse range of rear axle shafts and other shafts for the off-highway segment, i.e. for agricultural tractors and machinery, forestry and construction equipments, electric carts and other specialty vehicles used in mining and defense sectors. The company also manufactures solid and hollow spindles used in the axle assembly for various vehicles and equipments in the on-highway segment which it supplies to export customers.