Ratnaveer IPO Subscription Day 1: Stainless steel products manufacturer Ratnaveer Precision Engineering will be the first to go public in September 2023. The initial public offering (IPO) of engineering company Ratnaveer Precision Engineering Limited is open for registration today, September 4. The fair closes on September 6. .
Ratnaveer’s IPO raised nearly Rs 49.5 crore from anchor investors on Friday, September 1. Societe Generale, Saint Capital Fund, Sixteenth Street Asian Gems Fund, Coeus Global Opportunities Fund and Leading Light Fund VCC – The Triumph Fund were among the domestic and foreign investors who participated in the anchor book release.
Ratnaveer IPO price band
The price range for the offer has been set at Rs 93-98 per share. The market cap in the higher price range stands at Rs 475.3 crore.
Ratnaveer IPO issuance size
The Gujarat-based company plans to raise Rs 165.03 crore from the first public offering, at the higher price range. The IPO includes a new issue of 1.38 crore shares, worth Rs 135.24 crore, and an offer for sale (OFS) of 30.4 lakh shares, worth Rs 29.79 crore, by promoter Vijay Ramanlal Sanghavi.
The company raised Rs 49.5 crore on Sept 1 from six major investors including Societe Generale, Sixteenth Street Asian Gems Fund, Saint Capital Fund, Coeus Global Opportunities Fund and Leading Light Fund VCC – The Triumph Fund.
Ratnaveer IPO Objectives of the Issuance
Ratnaveer Precision Engineering will use the net proceeds from new issues for working capital needs of Rs 85 crore, and for general corporate purposes, while the OFS money will go to the selling shareholder.
Lot size of Ratnaveer IPO
The minimum offer may be made for 150 common shares and thereafter in multiples of 150 shares. Retail investors can invest a minimum of Rs 14,700 for one lot of 150 shares and their maximum investment is Rs 1,91,100 for 13 lots (1,950 shares), in the higher price range. Retail investors are allowed to invest up to Rs 2 lakh in the IPO.
Wealthy individuals with the category of minimum-maximum investment limit of Rs 2-10 lakh can apply for a minimum of 2,100 shares worth Rs 2,05,800 and maximum they can invest for 10,200 shares worth Rs 9,99,600.
The minimum offer may be made for 150 common shares and thereafter in multiples of 150 shares. Retail investors can invest a minimum of Rs 14,700 for one lot of 150 shares and their maximum investment is Rs 1,91,100 for 13 lots (1,950 shares), in the higher price range. Retail investors are allowed to invest up to Rs 2 lakh in the IPO.
Wealthy individuals with the category of minimum-maximum investment limit of Rs 2-10 lakh can apply for a minimum of 2,100 shares worth Rs 2,05,800 and maximum they can invest for 10,200 shares worth Rs 9,99,600.
Ratnaveer IPO – About the company
The stainless steel products manufacturer with four production units in Gujarat focuses on the production of finished plates, rings, solar roof hooks, tubes and pipes. Stainless steel is a value-added product with high corrosion-resistant properties.
The company supplies products to various industries, including automotive, energy, oil and gas, pharmaceuticals, electromechanical, building and construction, electrical appliances and kitchen appliances.
Ratnaveer IPO Share Allocation and Listing
Ratnaveer Precision, in consultation with the NSE, will finalize the IPO share allotment basis by September 11 and the shares will be transferred to demat accounts of successful investors by September 13. The refunds will be credited to the bank accounts of unsuccessful participants by September 12th. .
Stock trading will begin on the BSE and NSE effective September 14, according to the IPO schedule.
Ratnaveer IPO GMP today
According to market observers, shares of Ratnaveer Precision Engineering Limited are currently available at a premium of Rs 50 in the gray market.
Ratnaveer IPO: Should You Buy or Not?
Avinash Gorakshkar, head of research at Profitmart Securities, admitted the ‘subscribe’ tag to the bookmaking issue, saying: ‘Ratnaveer Precision Engineering Limited (‘RPEL’) is a manufacturer of stainless steel (‘SS’) products that focuses on focuses on producing finished plates, washers, sunroof hooks, pipes and tubes. Stainless steel is a value-added product with high corrosion-resistant properties. Higher chromium contents and additions of other alloying elements improve corrosion resistance. Compared to traditional steel, stainless steel has higher resistance to corrosion, superior aesthetic finish and longer service life. These characteristics have helped to increase the popularity of stainless steel around the world.”
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