Indicated by: Mohammed Haris
Last updated: Sep 09, 2023 3:58 PM IST
Ratnaveer IPO: The shares of Ratnaveer Precision Engineering Ltd, which received an overwhelming response from investors this week with subscriptions of 93.96 times, will be listed on the BSE and NSE stock exchanges on Monday, September 11, 2023. The shares of Ratnaveer Precision Engineering Ltd will be listed and admitted to trading on the BSE in the securities group ‘T’ list.
The shares will be on the Trade-for-Trade segment for 10 trading days, in terms of SEBI Circular No. CIR/MRD/DP/02/2012 dated January 20, 2012.
Ratnaveer Precision Engineering is a manufacturer and supplier of stainless steel rings.
Ratnaveer IPO: Latest GMP today
According to market observers, Ratnaveer Precision Engineering Limited is currently trading Rs 46 higher in the gray market. The gray market premium or GMP of Rs 46 is about 46.94 percent higher than the highest issue price of Rs 98 per share. This means that the gray market expects a listing gain of 46.94 percent from the public issue.
The ‘gray market premium’ indicates that investors are willing to pay more than the issue price.
About Ratnaveer’s IPO
The Ratnaveer IPO was open for public subscription between September 4 and 6 this year. The share sale saw bids for 110.76 crore shares, against 1.17 crore shares on offer, according to NSE data. The non-institutional investors portion was subscribed 135.20 times and the qualified institutional buyers (QIBs) portion was subscribed 133.05 times. The quota for individual retail investors (RIIs) was subscribed 53.95 times.
The IPO was a combination of a new issue and an offer to sell. The public issue of 1,68,40,000 shares was accompanied by a fresh issue of 1,38,00,000 shares and an offer for sale of up to 30,40,000 shares.
The price range for the offer was Rs 93-98 per share. Unistone Capital was the manager of the offer.
About Ratnaveer Precision Engineering Ltd
Ratnaveer Precision Engineering Limited was established in 2002. The company manufactures stainless steel finished plates, rings, roof hooks, pipes and tubes for solar energy.
Ratnaveer manufactures stainless steel based products for the automotive, solar energy, wind energy, power plants, oil and gas, pharmaceuticals, sanitary ware and plumbing, instrumentation, electromechanical, architecture, building and construction, electrical appliances, transportation, kitchen appliances, chimney liners, and other industries.