Ratnaveer Precision Engineering IPO gets positive response on final day of bidding

On September 6, the final day of bidding, investors seemed to have a strong view about Ratnaveer Precision Engineering's public issue since they purchased 45.49 crore equity shares, resulting in a 38.6 times subscription compared to an offer size of 1.17 crore shares.

High net worth people remained aggressively for the offer, purchasing 79.75 times the allotted quota, or 15% of the issue size. Qualified institutional buyers purchased 10.83 times the portion that was reserved for them, while retail investors purchased 36.83 times the portion that was reserved for them. 35% of the issue was in the retail sector, and 50% was in the QIB sector.

The initial public offering (IPO) of the manufacturer of items made of stainless steel had a positive reaction on day one of the bidding, September 4, and was subscribed 21.8 times on day two. The offer's price band is Rs 93-98 per share.

At the upper price band, the Gujarat-based company intends to generate Rs 165.03 crore from the general public. The offer consists of a fresh issuance for Rs 135.24 crore and an offer-for-sale by promoter Vijay Ramanlal Sanghavi for Rs 29.79 crore.

The proceeds from the fresh issuance will be used for general company operations and working capital requirements.

Source: Media Reports