Last Updated: September 11, 2023, 10:25 IST
Ratnaveer IPO Lists On BSE, NSE: Ratnaveer Precision Engineering shares made a strong debut at Dalal Street on Monday as the ferrous products player was listed at the price of Rs 128 on BSE, a premium of 31 per cent over its issue price of Rs 98. Similarly, the stock was listed at a premium of 26 per cent at Rs 123.20 on the NSE. Ratnaveer became the first Indian entity to make a T+3 Dalal Street debut.
The company has become the first debutant of the Indian bourses to get T+3 listing. The issue had received a super solid response from all the categories of investors during the three-day bidding process.
A few weeks ago, capital markets regulator SEBI had suggested ‘T+3′ settle for the IPO bound companies, signaling the listing on the third day from the close of the issue. However, the new norm is voluntary from September 1 and will be mandatory from December 1, 2023 onwards. Ratnaveer Precision Engineering is set to become the first Indian company to follow T+3 listing norms.
The issue of Ratnaveer Engineering Precision was open for bidding between September 4-6. The company raised more than Rs 165 crore from its primary offering, which included a sale of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore.
The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof. The IPO of Ratnaveer Precision Engineering was overall subscribed a stellar 93.99 times.
The portion for qualified institutional bidders was booked a whopping 133.05 times, while the non-institutional investors’ category was subscribed an astounding 135.21 times. Retail investors were nowhere behind in bidding as their quota was subscribed 54 times.
Ratnaveer Precision Engineering, which was incorporated in 2002, manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Ratnaveer Precision Engineering has four manufacturing units located at Vadodara and Ahmedabad, Gujarat.