Ratnaveer IPO received positive response from retail investors, non-institutional investors (NIIS), and Qualified institutional buyers (QIBs) on day 2. All the three portions were oversubscribed subscribed on the third day.
Ratnaveer IPO’s retail investors portion was subscribed 53.77 times, NII portion was subscribed 135.17 times, and QIBs portion was subscribed 133.05 times.
Ratnaveer Precision IPO has received bids for 1,10,65,68,750 shares against 1,17,88,000 shares on offer, according to data from the BSE.
Ratnaveer IPO’s retail investors’ portion received bids for 31,70,01,900 shares against 58,94,000 shares on offer for this segment.
Ratnaveer Precision Engineering Ltd IPO’s non-institutional investors’ portion received bids for 34,14,50,250 shares against 25,26,000 on offer for this segment.
Ratnaveer IPO’s QIBs portion received bids for 44,81,16,600 shares against 33,68,000 on offer for this segment.
Ratnaveer IPO was subscribed 21 times on day 2.
Ratnaveer IPO details
Ratnaveer Precision IPO is made up of fresh issue of 13,800,000 shares that totals to ₹135.24 crore and offer for sale (OFS) portion consists of 3,040,000 shares of ₹10, which aggregates to ₹29.79 crore sold by promoter selling shareholder Vijay Ramanlal Sanghavi. Ratnaveer IPO total issue size is ₹165.03 crores.
The net proceeds from the fresh issue will be utilised to fund working capital requirements of the company, and general corporate purposes.
Ratnaveer Precision Engineering IPO has raised about ₹49.5 crore from anchor investors on Friday, September 1. The company reported to the stock exchanges that it had allotted 50,52,000 shares to anchor investors on Friday at a price of ₹98 per share.
Unistone Capital Private Ltd is the BRLM of the offer. Link Intime India Private Ltd is the offer’s registrar.
Ratnaveer IPO brokerage view
Domestic brokerage firm Anand Rathi said in its IPO note that Ratnaveer Precision Engineering Limited has created a niche place in SS cold-rolled products that are widely used globally. The company has reported steady growth in its top and bottom lines in last financial years. The company serves a wide range of industries, reducing dependence on any single sector, according to the brokerage.
‘’This wide range of products not only enable them to meet the trends and ever-changing requirements of customers, but also gives the company a competitive edge over its rivals,” said Anand Rathi.
At the upper price band company is valuing at P/E of 19x with a market cap of 47,52 million post issue of equity shares and return on net worth of 29.12 per cent. The company’s cost-efficient operations with a proper product mix and and high-margin product portfolio will add value to the overall business, as per the brokerage.
‘’On the valuation front, we believe that the company is fairly priced. Thus, we recommend “Subscribe – Long term” rating to the IPO,” said the domestic brokerage firm.
Ratnaveer IPO GMP today
Ratnaveer Precision IPO GMP today or grey market premium is +60 from +48 of the earlier sessions. This indicates Ratnaveer Precision share price were trading at a premium of ₹60 in the grey market on Wednesday, according to topsharebrokers.com
Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ratnaveer Precision share price is ₹158 apiece, which is 61.22 per cent higher than the IPO price of ₹98.
According to topsharebrokers.com, the lowest GMP is ₹0, while the highest GMP is ₹50.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Download The Mint News App to get Daily Market Updates.
Updated: 06 Sep 2023, 04:53 PM IST