Ratnaveer Precision IPO subscribed 94 times on last day

6 Sep 2023 , 08:01 PM

Investors have shown a significant interest in Ratnaveer Precision Engineering’s public offering, with a subscription rate of 93.99 times the offer size of 1.17 crore shares on the final bidding day, September 6th. High net-worth individuals exhibited strong enthusiasm, subscribing 135.21 times their allocated quota, which represents 15% of the total issue size. Retail investors displayed a robust response, bidding 54.01 times their designated portion, while qualified institutional buyers secured 133.05 times their share allocation. The retail segment accounted for 35%, while the QIB portion comprised 50% of the total issue.

Right from the commencement of bidding on September 4th, Ratnaveer Precision Engineering’s IPO, a stainless steel-based products manufacturer, garnered significant attention, reaching a subscription rate of 21.8 times on the second day. The price range for the offering was set at Rs 93-98 per share.

Based in Gujarat, the company aims to raise Rs 165.03 crore from the public at the upper price band. The offering includes fresh shares worth Rs 135.24 crore and an offer-for-sale of Rs 29.79 crore by promoter Vijay Ramanlal Sanghavi. The proceeds from the fresh issue will be used to address working capital requirements and general corporate purposes.

The allotment of IPO shares will be finalized by the company in consultation with the NSE by September 11th, and eligible investors will receive their equity shares in their demat accounts by September 13th. Refunds for unsuccessful investors will be credited to their bank accounts by September 12th. Trading in the equity shares is scheduled to commence on September 14th.