Ratnaveer Precision debuts with 31% premium at Rs 128 on BSE; become first company to make T+3 listing
Ratnaveer Precision Engineering will raise Rs 165 crore from its IPO which includes a sale of 1.38 crore fresh shares while its promoter will offloard 30.40 lakh shares.
- Sep 11, 2023,
- Updated Sep 11, 2023 10:12 AM IST
Shares of Ratnaveer Precision Engineering made a strong debut at Dalal Street on Monday as the ferrous products player was listed at the price of Rs 128 on BSE, a premium of 31 per cent over its issue price of Rs 98. Similarly, the stock was listed at a premium of 26 per cent at Rs 123.20 on the NSE. Ratnaveer became the first Indian entity to make a T+3 Dalal Street debut. The issue of Ratnaveer Engineering Precision was open for bidding between September 4-6. The company raised more than Rs 165 crore from its primary offering, which included a sale of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore. A day before its listing, Ratnaveer Precision Engineering was commanding a grey market premium (GMP) of 45 per share over its given issue price. The premium in the unofficial counter had remained firm following the stellar subscription numbers and positive reviews. The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof. The IPO of Ratnaveer Precision Engineering was overall subscribed a stellar 93.99 times. The portion for qualified institutional bidders was booked a whopping 133.05 times, while the non-institutional investors' category was subscribed an astounding 135.21 times. Retail investors were nowhere behind in bidding as their quota was subscribed 54 times. Ratnaveer Precision Engineering, which was incorporated in 2002, manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Ratnaveer Precision Engineering has four manufacturing units located at Vadodara and Ahmedabad, Gujarat.Disclaimer: The content of this webpage is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product(s). It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances. Investment involves risk. You should refer to the offering documentation of the product(s) for detailed information (including risk factors) prior to investing in any product(s). If you have any queries on the discussed subject matter, you should seek independent professional advice. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.
Shares of Ratnaveer Precision Engineering made a strong debut at Dalal Street on Monday as the ferrous products player was listed at the price of Rs 128 on BSE, a premium of 31 per cent over its issue price of Rs 98. Similarly, the stock was listed at a premium of 26 per cent at Rs 123.20 on the NSE. Ratnaveer became the first Indian entity to make a T+3 Dalal Street debut. The issue of Ratnaveer Engineering Precision was open for bidding between September 4-6. The company raised more than Rs 165 crore from its primary offering, which included a sale of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore. A day before its listing, Ratnaveer Precision Engineering was commanding a grey market premium (GMP) of 45 per share over its given issue price. The premium in the unofficial counter had remained firm following the stellar subscription numbers and positive reviews. The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof. The IPO of Ratnaveer Precision Engineering was overall subscribed a stellar 93.99 times. The portion for qualified institutional bidders was booked a whopping 133.05 times, while the non-institutional investors' category was subscribed an astounding 135.21 times. Retail investors were nowhere behind in bidding as their quota was subscribed 54 times. Ratnaveer Precision Engineering, which was incorporated in 2002, manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Ratnaveer Precision Engineering has four manufacturing units located at Vadodara and Ahmedabad, Gujarat.Disclaimer: The content of this webpage is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product(s). It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial circumstances. Investment involves risk. You should refer to the offering documentation of the product(s) for detailed information (including risk factors) prior to investing in any product(s). If you have any queries on the discussed subject matter, you should seek independent professional advice. Business Today does not guarantee, vouch for, endorse any of its contents and hereby disclaims all warranties, express or implied, relating to the same.