Ratnaveer Precision Engineering Limited IPO: The company has set a price range of Rs 93 to Rs 98 per equity share for its IPO, with the aim of raising Rs 165.03 crore from the public issue.
Ratnaveer Precision Engineering Limited’s initial public offering (IPO) opened for subscription on Monday and will remain open until September 6, 2023.
The company has set a price range of Rs 93 to Rs 98 per equity share for its IPO, with the aim of raising Rs 165.03 crore from the public issue.
The book build issue is intended for listing on both the Bombay Stock Exchange and the National Stock Exchange on September 14. Currently, shares of the company are being traded on the unlisted stock market or grey market at a premium of Rs 48, according to topsharebrokers.com.
Key Details of Ratnaveer IPO:
Subscription Status: As of 11:38 am on the first day of bidding, the book build issue has been oversubscribed 1.37 times overall. The retail portion of the IPO has been oversubscribed 2.17 times, and the NII (Non-Institutional Investor) category has seen a subscription of 1.33 times.
Grey Market Premium (GMP): Market observers report that shares of the company are trading at a premium of Rs 48 in the grey market today.
IPO subscription dates: The IPO opened for subscription today and will continue until September 6, 2023.
Price band: The price band for the book build issue is set at Rs 93 to Rs 98 per equity share.
IPO size: Ratnaveer Precision Engineering Limited aims to raise Rs 165.03 crore through this public issue.
Lot size: Bidders can apply in lots, with each lot comprising 150 shares of the company.
Allotment date: The finalization of share allocation is expected to be announced on September 11, 2023.
IPO registrar: Link Intime India Private Ltd has been appointed as the official registrar of the IPO.
Listing: The book build issue is planned for listing on both NSE and BSE.
Listing Date: Shares of the engineering company are anticipated to be listed on September 14, 2023.
Review of Ratnaveer IPO: Brokerage firm Choice Broking said in a pre-IPO note that investors should “subscribe with caution” to the public issue.
It highlighted key strengths as 1) Synergistic backward integration system; 2) Expansion of product portfolio; 3) Maintained consistent customer retention rates and nurtured long-lasting relationships with its clientele; 4) In-house R&D facility for creating new and advanced product designs and 5) Experienced promoters.
On the other hand, the key risks highlighted by the brokerage are 1) Highly competitive and fragmented industry with low barriers to entry; 2) High volume, low-margin business affected highly by fluctuation in steel prices; 3) Highly working-capital intensive; 4) The Company had experienced negative cash flows from operations in the recent past; 5) Highly leveraged.
Source By: indiatoday
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