Ratnaveer Precision Engineering IPO Receives Bids Worth Rs 6,463 Crore, 55.95x Subscriptions Ahead Of Closing

Ratnaveer Precision Engineering IPO: The company's 165.03 crore initial public offering (IPO) is set to close on September 6th. However, just a few hours before closing, Ratnaveer has bagged nearly Rs 6,463 crore worth of bidding, and subscribed by over 55 times against the total size. The proposed equity shares will be listed on BSE and NSE.

As per the data on exchanges, at around 2.15 pm of Day 3rd, cumulatively the IPO received bids of 65,95,17,600 equity shares on both BSE and NSE against the IPO size of 1,17,88,000 equity shares. Hence, the IPO has oversubscribed by a whopping 55.95 times.

At the upper price band, the bids received are worth Rs 6,463.27 crore as of now.

The final performance of the IPO will reviewed after 5:30 am of Wednesday.

Also, the grey market premium (GMP) of the company is Rs 60 on September 6. As per the TopShareBrokers, with the price band of 98.00, Ratnaveer Precision Engineering IPO's estimated listing price is ₹158 (cap price + today's GMP). The expected percentage gain/loss per share is 61.22%.

Currently, the Retail Individual Investors(RIIs) portion subscribed by 41.92 times, while the Qualified Institutional Buyers(QIBs) portion subscribed by 38.09 times. Furthermore, the Non Institutional Investors (NII) category oversubscribed 99.36 times.

The IPO which opened on September 4, comprised fresh issues worth Rs 135.24 crore and offers for sale up to Rs 29.79 crore. The lower price band of the IPO is Rs 93 and the upper price band is Rs 98. The bid lot size is 150 Equity Shares and in multiples thereof.

Unistone Capital is the book-running lead manager for the IPO, while Link Intime India is the registrar of the issue.

The proceeds of the fresh issue will be utilised for funding working capital requirements and general corporate purposes. The proceeds of OFS will be transferred to selling shareholder Vijay Ramanlal Sanghavi who is the promoter of the company.

Founded in 2000, Ratnaveer Precision Engineering is a stainless steel ("SS") product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes. The company operates four manufacturing units, out of which two (Unit-I and Unit-II) are located at GIDC, Savli, Vadodara, Gujarat, one (Unit-III) is located at Waghodia, Vadodara, Gujarat and the other one (Unit-IV) is located at GIDC, Vatva, Ahmedabad, Gujarat.

The company's focus remains on acquiring new customers, retaining existing customers and offering good quality products. Further, it intends to extend its product portfolio by adding circlips in its washer segment.

After the closing of the IPO on September 6, Ratnaveer is expected to allot shares of the issue on September 11, while refunds are likely to be initiated on September 12, and shares are expected to be credited in demat accounts on September 13. As per Chittorgarh, the listing is expected on September 14.

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