Ratnaveer IPO listing date fixed on 11th September. GMP signals strong debut
Ratnaveer IPO: After announcement of Ratnaveer IPO allotment status, listing date for the initial public offering (IPO) of Ratnaveer Precision Engineering Ltd has been fixed on 11th September 2023. As per the BSE notice, effective from Monday, September 11, 2023, the equity shares of Ratnaveer Precision Engineering Limited shall be listed and admitted to dealings on the Exchange in the list of ‘T’ group of securities. Further in terms of SEBI circular No. CIR/MRD/DP/02/2012 dated January 20, 2012; the scrip will be in Trade-for-Trade segment for 10 trading days. Ratnaveer shares will be listed on BSE and NSE in a special pre-open session on Monday.
Meanwhile, after trend reversal on Dalal Street, grey market has gone highly bullish on Ratnaveer IPO. According to market observers, shares of Ratnaveer Precision Engineering Limited are available at a premium of ₹60 in grey market today.
Ratnaveer IPO GMP today
As per the market observers, Ratnaveer Precision Engineering grey market premium (GMP) today is ₹60, which is ₹10 higher from its Friday GMP of ₹50 per equity share. They said that strong response by investors and positive sentiments at Indian stock market have improved grey market sentiments. They went on to add that market mood is expected to remain bullish after Nifty‘s closure above 19,800 levels. They said that ahead of rejig in Sensex and FTSE index, some more inflows are expected in Nifty heavy weights like HDFC Bank, SBI, Axis Bank, etc. So, in case of further upside in Indian indices, grey market mood may further improve and in that case one may expected Ratnaveer IPO GMP to move further upside ahead of listing date.
Ratnaveer IPO listing price prediction
Market observers went on to add that Ratnaveer IPO GMP today is ₹60, which means grey market is expecting that Ratnaveer IPO listing price would be around ₹158 ( ₹98 + ₹60), which is more than 60 per cent higher from Ratnaveer IPO price band of ₹93 to ₹98 per equity share. They said that grey market is signaling that allottees may have a strong listing gain on Ratnaveer IPO listing date.
However, stock market experts maintained that GMP is not an ideal indicator for assessing the expected gain from an initial offer. They advised allottees to stick with the basics and scan the financials of the company as it gives concrete fundamental picture of the company for medium to long term.
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Updated: 09 Sep 2023, 11:36 AM IST
