Ratnaveer Precision Engineering IPO to open on September 4: Check price band & other details

The initial public offering (IPO) of Ratnaveer Precision Engineering will open for subscription on Monday, September 4. The company is offering its shares in the range of Rs 93-98 apiece with a lot size of 150 shares and its multiples thereafter. The three-day bidding process will conclude on Wednesday, September 6.

Incorporated in 2002, Ratnaveer Precision Engineering 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.

The company is looking to raise Rs 165 crore from its primary offering which includes a sale of 1.38 crore fresh equity shares while its promoter Vijay Ramanlal Sanghavi will offload 30.40 lakh equity shares via offer-for-sale (OFS) route. The net proceeds from the issue shall be utilized towards funding the working capital requirements and general corporate purposes

Ratnaveer Precision Engineering manufactures stainless steel-based products for automotive, solar power, wind energy, power plants, oil & gas, pharmaceuticals, sanitary & plumbing, instrumentation, electromechanics, architecture, building & construction, electrical appliances, transportation, kitchen appliances, chimney liners, and other industries.

For the year ended on March 31, 2023, Ratnaveer Precision Engineering reported a net profit of Rs 25.04 crore, with a revenue of Rs 481.14 crore. The company had clocked a net profit of Rs 9.48 crore with a revenue of Rs 428.47 crore in the previous financial year 2021-22.

Not more than 50 per cent equity shares shall be reserved for qualified institutional bidders, while non-institutional investors will get 15 per cent of the allocation. Remaining 35 per cent shares shall be reserved for the retail investors of the issue.

Unistone Capital is the sole manager to the issue, while Link Intime India has been appointed as the registrar. Shares of the company will be listed at both exchanges - BSE and NSE- with September 14, Thursday, as the tentative date of listing.

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