Ratnaveer Precision Engineering IPO opens, check GMP, price band and other details here

Ratnaveer Precision Engineering IPO: Ratnaveer Precision Engineering's share sale via initial public offering (IPO) opened for subscription on Monday September 4. The company is planning to raise Rs 165 crore from the IPO which comprises of an offer for sale worth Rs 30 crore and fresh issue of Rs 135 crore. Ratnaveer Precision Engineering makes stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes.

Ratnaveer Precision Engineering IPO: Price band, IPO dates, GMOP and other details here

Ratnaveer Precision Engineering is selling shares in price band of Rs 93-98 and a retail investor can bid for minimum one lot of 150 shares up to maximum of 13 lots. One lot of Ratnaveer Precision Engineering shares in the IPO is priced at Rs 14,700 at the upper end of the price band. 

Ratnaveer Precision Engineering has reserved 35 per cent shares in the IPO for retail investors, 30 per cent for anchor investors, 15 per cent non-institutional investors (NII) and 20 per cent fro qualified institutional buyers (QIBs).

Ratnaveer Precision Engineering IPO dates

Ratnaveer Precision Engineering IPO opened for subscription on Monday, September 4 and will end on September 6.

Ratnaveer Precision Engineering subscription status

Ratnaveer Precision Engineering shares were in very high demand during the ongoing share sale as the IPO was fully booked within an hour of opening. The IPO was subscribed 1.32 times by 11:30 am. Ratnaveer Precision Engineering shares were in very demand among retail and non-institutional investors as the pie set aside for them was subscribed 2.10 times and 1.25 times respectively. QIBs were yet to place bids for shares in the IPO.

Ratnaveer Precision Engineering raised Rs 49.5 crore from anchor investors ahead of the IPO.

The company will use proceeds from fresh issue for funding the working capital requirements of the company and for general corporate purposes.

About Ratnaveer Precision Engineering

Gujarat-based Ratnaveer Precision Engineering 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 out of which two units; Unit-I and Unit-II are located at GIDC, Savli, Vadodara, Gujarat, Unit-III is located at Waghodia, Vadodara.