Ratnaveer Precision Engineering IPO Listing- Shares have positive debut on bourses, list at 31% premium
Ratnaveer Precision Engineering IPO Listing: Shares have positive debut on bourses, list at 31% premium Ratnaveer Precision Engineering IPO: Ratnaveer Precision Engineering shares listed at 30.6% premium over IPO price on NSE and BSE amid positive domestic market. The shares debuted at Rs 128 on the BSE, as compared to the issue price of Rs 98. The shares then touched an intraday high of Rs 138, around 40% higher from its issue price. Ratnaveer Precision Engineering shares’ grey market premium gained 52% on Monday, commanding a premium of Rs 53 over upper end of the IPO price, implying a listing price of Rs 150 per share.Ratnaveer Precision Engineering IPO subscription data Vishnu Prakash Pungalia IPO opened for subscription on 4 September and the issue was fully subscribed 93.99 times on the last day of subscription, helped by overwhelming participation from institutional investors. The Qualified Institutional Buyers (QIBs) category was subscribed 133.05 times, the portion for non-institutional investors received 135.21 times subscription and Retail Individual Investors (RIIs) quota got oversubscribed by 54 times. The IPO comprises a fresh issue of equity shares worth Rs 135.24 crore and an Offer-For-Sale (OFS) with promoters offloading 30 lakh shares worth Rs 29.79 crore. The infrastructure player has set the price band for the IPO at Rs 93-98 per equity share. Ratnaveer Precision Engineering manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. The company 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. Ratnaveer Precision Engineering has 4 manufacturing units, which are located in Gujarat.
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