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HomeEconomyRatnaveer IPO Listing On September 11: Latest GMP Indicates 47% Listing Gains,...

Ratnaveer IPO Listing On September 11: Latest GMP Indicates 47% Listing Gains, Check Details

Reported By: Mohammad Haris

Last Updated: September 09, 2023, 15:58 IST

Ratnaveer IPO: Shares of Ratnaveer Precision Engineering Ltd, which received an overwhelming response from investors with 93.96 times subscription this week, are going to be listed on stock exchanges BSE and NSE on Monday, September 11, 2023. The equity shares of Ratnaveer Precision Engineering Ltd will be listed and admitted to dealings on the BSE in the list of ‘T’ group of securities.

The shares will be in Trade-for-Trade segment for 10 trading days, in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012.

Ratnaveer Precision Engineering is a stainless steel washer manufacturer and supplier.

Ratnaveer IPO: Latest GMP Today

According to market observers, Ratnaveer Precision Engineering Limited is currently trading Rs 46 higher in the grey market. The Rs 46 grey market premium or GMP is about 46.94 per cent higher than its upper issue price of Rs 98 per share. This means the grey market is expecting 46.94 per cent listing gain from the public issue.

‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.

About Ratnaveer IPO

The Ratnaveer IPO was open for public subscription between September 4 and September 6 this year. The share sale received bids for 110.76 crore shares against 1.17 crore shares on offer, as per NSE data. The portion for non-institutional investors was subscribed 135.20 times and that of qualified institutional buyers (QIBs) received 133.05 times subscription. The quota for retail individual investors (RIIs) got subscribed 53.95 times.

The IPO was a combination of a fresh issue and an offer for sale. The public issue of 1,68,40,000 equity shares had a fresh issue of 1,38,00,000 equity shares and an offer for sale of up to 30,40,000 equity shares.

The price range for the offer was Rs 93-98 a share. Unistone Capital was the manager of the offer.

About Ratnaveer Precision Engineering Ltd

Ratnaveer Precision Engineering Limited was incorporated in 2002. The company manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes.

Ratnaveer 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.

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