Ratnaveer Precision Engineering Makes Strong Stock Market Debut with 30.61% Premium

11 Sep 2023 , 10:12 AM

Ratnaveer Precision Engineering marked an impressive debut on the stock exchanges, with its shares opening at a substantial premium of 30.61% over the issue price of Rs 98 per share. The stock commenced trading at Rs 128 on the BSE and Rs 123.20 on the NSE on September 11.

This strong listing performance was driven by robust subscription figures and the overall positive sentiment in the broader markets. The IPO garnered significant investor interest, with bids received for 110.79 crore equity shares, resulting in an impressive subscription rate of 93.99 times, in contrast to the offer size of 1.17 crore shares.

Ratnaveer Precision Engineering specializes in the manufacturing of stainless steel-based products for a diverse range of industries, including 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 others.

The company operates from four manufacturing units, with Unit-I and Unit-II situated at GIDC, Savli, Vadodara, Gujarat, Unit-III located at Waghodia, Vadodara, Gujarat, and Unit-IV situated at GIDC, Vatva, Ahmedabad, Gujarat.