Ratnaveer Precision Engineering Limited’s initial public offering (IPO) continued to see robust demand on the final day of subscription, drawing strong interest from all categories of bidders. The public offering had received a strong response on both the first and second day.
As of 2:15 pm on the final day of bidding, the issue had been oversubscribed 54.63 times overall. The retail portion of the IPO has been oversubscribed 42.72 times, and the Non-Institutional Investor (NII) category has seen a subscription of 101.06 times.
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Check the latest GMP and other key details
Grey Market Premium (GMP): Market observers report that shares of the company are trading at a premium of Rs 60 in the grey market today, indicating no change compared to yesterday.
IPO Subscription Dates: Today (September 6) is the last day to subscribe to the IPO.
Price Band: The price band for the issue was set at Rs 93 to Rs 98 per equity share.
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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. Shares of the engineering company are anticipated to be listed on September 14, 2023.
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Brokerage Review of Ratnaveer IPO: Brokerage firm Choice Broking suggests in a pre-IPO note that investors should “subscribe with caution” to the public issue.
They highlighted key strengths such as synergistic backward integration, product portfolio expansion, consistent customer retention, an in-house R&D facility, and experienced promoters.
However, they also pointed out key risks including a competitive industry, susceptibility to steel price fluctuations, high working capital requirements, negative cash flows from operations in the recent past, and high leverage.
