Ratnaveer Precision Engineering IPO opens for subscription on Monday, September 4, and closes on Wednesday, September 6. The allocation to anchor investors for Ratnaveer Precision Engineering IPO is scheduled to take place on Friday, September 1. Ratnaveer IPO price band has been fixed in the range between ₹93 to ₹98 per equity share of face value of ₹10 each. Ratnaveer IPO lot size is 150 equity shares and in multiples of 150 equity shares thereafter.
Ratnaveer Precision Engineering IPO cap price shall be at least 105% of the floor price and shall not exceed 120% of the floor price, and the floor price is to be determined and justified by the company and the promoter selling shareholder in consultation with the Book Running Lead Manager (BRLM), the company said in its Red Herring Prospectus (RHP).
Ratnaveer Precision Engineering IPO details
Ratnaveer Precision Engineering IPO is made up of fresh issue of 13,800,000 shares that totals to ₹135.24 crore and offer for sale (OFS) portion consists of 3,040,000 shares of ₹10, which aggregates to ₹29.79 crore sold by promoter selling shareholder Vijay Ramanlal Sanghavi. Ratnaveer IPO total issue size is ₹165.03 crores.
The net proceeds from the fresh issue will be utilised to fund working capital requirements of the company, and general corporate purposes.
Unistone Capital Private Ltd is the BRLM of the offer. Link Intime India Private Ltd is the offer’s registrar.
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Manufacturing finished sheets, washers, solar roofing hooks, pipes, and tubes from stainless steel is the main focus of Ratnaveer Precision Engineering Limited.
The company in its RHP stated that it operates out of four manufacturing units, out of which two (Unit-I and Unit-II) are located at GIDC, Savli, Vadodara, Gujarat, one (Unit-III) is located at Waghodia, Vadodara, Gujarat and the other one (Unit-IV) is located at GIDC, Vatva, Ahmedabad, Gujarat. Its manufacturing units are strategically located with availability of transportation, which facilitates convenient transportation of their products.
“Our revenue from operations has grown from ₹821.23 million in Fiscal 2011 to ₹4,797.48 million in fiscal 2023 registering a CAGR of 14.54% in last 13 years. Similarly, our profit after tax has grown from ₹15.42 million in fiscal 2011 to ₹250.44 million in fiscal 2023, registering a CAGR of 23.92% in last 13 years,” said the company in its RHP.
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Ratnaveer Precision Engineering IPO dates
Ratnaveer IPO basis of allotment of shares will be finalised on Monday, September 11 and the company will initiate refunds on Tuesday, September 12, while the shares will be credited to the demat account of allottees on Wednesday, September 13. Ratnaveer IPO shares are likely to be listed on BSE and NSE on Thursday, September 14.
Ratnaveer Precision Engineering IPO GMP today
Ratnaveer IPO GMP today or or grey market premium is +37 higher than the previous trading session. This indicates Ratnaveer Precision share price were trading at a premium of ₹37 in the grey market on Wednesday, according to topsharebrokers.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ratnaveer Precision share price is ₹135 apiece, which is 37.76% higher than the IPO price of ₹98.
According to topsharebrokers.com, based on last seven sessions grey market activities, today IPO GMP points upward and expects a strong listing. The lowest GMP is ₹0, while the highest GMP is ₹37. On Tuesday, the GMP was ₹12.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Also Read: Rishabh Instruments IPO: Issue subscribed 73% on day 1, NII portion fully booked
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