Ratnaveer Precision Engineering Limited's IPO Commences with Strong Investor Interest

4 Sep 2023 , 04:01 PM

Ratnaveer Precision Engineering Limited has officially launched its initial public offering (IPO), which will be open for bidding until September 6, 2023. The engineering company has set the IPO price in the range of Rs 93 to Rs 98 per equity share, with the goal of raising Rs 165.03 crore through this public offering. The book build issue is intended for listing on both the BSE and NSE stock exchanges.

Remarkably, by 3.54 PM on the first day of bidding, the book build issue had already garnered significant interest, being subscribed 4.15 times overall, while the retail portion achieved an impressive subscription rate of 6.11 times. In total, the public issue witnessed a strong subscription of 5.12 times.

Allocation-wise, approximately 50% of the issue is reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors, and 35% for retail investors.

The net proceeds generated from the IPO will be allocated towards addressing working capital requirements amounting to Rs 85 crore and supporting general corporate purposes. Meanwhile, the funds from the Offer for Sale (OFS) will be directed to the selling shareholders.

Unistone Capital is serving as the sole book-running lead manager for the issue, while Link Intime India has been appointed as the registrar, ensuring a seamless IPO process.