Ratnaveer Precision Engineering IPO raises ₹49.5 crore from anchor investors

The company reported to the stock exchanges that it had allotted 50,52,000 shares to anchor investors on Friday at a price of ₹98 per share.

“The Board of Directors of the Company and Promoter Selling Shareholder at their meeting held on September 01, 2023, in consultation with the Book Running Lead Manager to the offer, has finalised allocation of 50,52,000 equity shares, to Anchor Investors at anchor investor allocation price of ₹98 per Equity Share (including share premium of ₹88 per Equity Share),” said the company in an exchange filing.

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Societe Generale, Sixteenth Street Asian Gems Fund, Saint Capital Fund, Coeus Global Opportunities Fund, and Leading Light Fund VCC – The Triumph Fund were among the domestic and foreign investors who took part in the anchor book issue. 

Ratnaveer IPO price band has been fixed in the range between ₹93 to ₹98 per equity share of face value of ₹10 each. Ratnaveer IPO lot size is 150 equity shares and in multiples of 150 equity shares thereafter.

Ratnaveer Precision IPO cap price shall be at least 105% of the floor price and shall not exceed 120% of the floor price, and the floor price is to be determined and justified by the company and the promoter selling shareholder in consultation with the Book Running Lead Manager (BRLM), the company said in its Red Herring Prospectus (RHP).

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Ratnaveer Precision Engineering IPO details

Ratnaveer Precision IPO is made up of fresh issue of 13,800,000 shares that totals to ₹135.24 crore and offer for sale (OFS) portion consists of 3,040,000 shares of ₹10, which aggregates to ₹29.79 crore sold by promoter selling shareholder Vijay Ramanlal Sanghavi. Ratnaveer IPO total issue size is ₹165.03 crores.

The net proceeds from the fresh issue will be utilised to fund working capital requirements of the company, and general corporate purposes.

Unistone Capital Private Ltd is the BRLM of the offer. Link Intime India Private Ltd is the offer’s registrar.

Ratnaveer IPO GMP today

Ratnaveer Precision IPO GMP today or grey market premium is +50 similar to the previous trading session. This indicates Ratnaveer Precision share price were trading at a premium of ₹50 in the grey market on Friday, according to topsharebrokers.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Ratnaveer Precision share price is ₹148 apiece, which is 51.02% higher than the IPO price of ₹98.

According to topsharebrokers.com, the lowest GMP is ₹0, while the highest GMP is ₹50.

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

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Updated: 01 Sep 2023, 10:04 PM IST