The subscription period for the initial public offering (IPO) of Ratnaveer Precision Engineering Limited began on Monday and will end on September 6, 2023.
In order to raise Rs 165.03 crore from the public offering, the company has set a price range of Rs 93 to Rs 98 per equity share.
On September 14, the book build issue is scheduled to list on the Bombay Stock Exchange and the National Stock Exchange. According to topsharebrokers.com, the company's shares are currently being traded at a premium of Rs 48 on the unlisted stock market, also known as the grey market.
Important Ratnaveer IPO information:
Status of Subscription: The book build issue has been oversubscribed 1.37 times as of 11:38 on the first day of bidding. Both the retail and NII (Non-Institutional Investor) categories of the IPO have received 2.17 and 1.33 oversubscriptions, respectively.
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Dates for IPO subscriptions: The IPO's subscription period began today and will last until September 6, 2023.
Price range: Rs 93 to Rs 98 per equity share is the price range for the book build issuance.
Ratnaveer Precision Engineering Limited expects to raise Rs 165.03 crore with this initial public offering (IPO).
Lot size: Bidders may submit their offers in lots, each lot containing 150 business shares.
Date of allocation: On September 11, 2023, the final distribution of shares is anticipated to be revealed.
Link Intime India Private Ltd has been chosen to serve as the IPO's official registrar.
Listing: Both the NSE and the BSE will list the book build problem.
Shares of the engineering firm are expected to debut on the stock exchange on September 14, 2023.
Review of the Ratnaveer IPO: The brokerage company Choice Broking advised investors to "subscribe with caution" to the public issue in a pre-IPO report.
It listed its top five strengths as 1) A synergistic backward integration system; 2) An expansion of the product line; 3) Consistently high customer retention rates; 4) An internal R&D facility for developing novel and cutting-edge product designs; and 5) Skilled promoters.
On the other hand, the key risks identified by the brokerage include: 1) A highly competitive, fragmented industry with low entry barriers; 2) A high volume, low margin business that is significantly impacted by changes in steel prices; 3) A highly capital-intensive business model; 4) The Company's recent history of negative cash flows from operations; and 5) A highly leveraged business model.
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