Ratnaveer IPO: The initial public offering (IPO) of Ratnaveer Precision Engineering Limited opened on Monday and it will remain open for bidding till 6th September 2023. The engineering company has fixed Ratnaveer IPO price at ₹93 to ₹98 per equity share and it aims to raise ₹165.03 crore from this public issue. The book build issue is proposed for listing on BSE and NSE. Meanwhile, shares of the company are trading in unlisted stock market. According to market observers, Ratnaveer Precision Engineering Limited shares are available at a premium of ₹50 in grey market today.
Ratnaveer IPO subscription status
On day two of bidding, the book build issue has been subscribed 21.82 times whereas its retail portion has been subscribed 23.12 times. The non institutional investor portion was subscribed 42.25 times.
Also Read: Ratnaveer IPO: Issue subscribed 5.76 times on day 1; NII, retail portion oversubscribed
Important Ratnaveer IPO details
1] Ratnaveer IPO GMP today: Shares of the company are available at a premium of ₹50 in grey market today, say market observers.
2] Ratnaveer IPO date: The issue has opened today and it will remain open for subscription till 6th September 2023.
3] Ratnaveer IPO price: The engineering company has fixed price band of the book build issue at ₹93 to ₹98 per equity share.
4] Ratnaveer IPO size: The company aims to raise ₹165.03 crore from this public issue.
5] Ratnaveer IPO lot size: A bidder will be able to apply in lots and one lot will comprise 150 shares of the company.
6] Ratnaveer IPO allotment date: Finalisation of share allocation can be announced on 11th September 2023.
7] Ratnaveer IPO registrar: Link Intime India Private Ltd has been appointed as official registrar of the IPO.
8] 8] Ratnaveer IPO listing: The book build issue is proposed for listing NSE and BSE.
9] Ratnaveer IPO listing date: Shares of the engineering company is expected to list on 14th September 2023.
10] Ratnaveer IPO review: Giving ‘subscribe’ tag to the book build issue, Avinash Gorakshkar, Head of Research at Profitmart Securities said, “Ratnaveer Precision Engineering Limited (“RPEL”) is a stainless steel (“SS”) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes, and tubes. Stainless steel is a value-added product with high corrosion resistant properties. Higher levels of chromium and additions of other alloy elements enhance the corrosion resistance. Compared to traditional steel, stainless-steel has higher resistance to corrosion, superior aesthetic finish and higher life span. These features have helped in increasing the popularity of stainless-steel across the world.”
Advising primary market investors to subscribe this public issue, Anubhuti Mishra, Equity Research Analyst at Swastika Investmart said, “Ratnaveer Precision Engineering Limited is a manufacturer of stainless steel products with a wide range of products and multiple designs. The company has a backward-integrated business model, which gives it control over the supply chain, and a research and development (R&D) setup for new product development. It has also reported strong financial performance in the last three years,” adding “However, the steel industry is subject to market volatility and economic conditions. Additionally, it is a highly competitive industry. The major concern for investors here is the high debtto-equity ratio and low-margin business. However, the IPO is coming at a fair price-to-earnings (P/E) valuation of 13.49x. Thus, after considering all the factors, we suggest applying for this IPO for listing gain.”
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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