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The scrip was listed at Rs 128, exhibiting a premium of 30.61% to the issue price.
So far, the stock has hit a high of 134 and a low of 123. On the BSE, over 9.20 lakh shares of the company were traded in the counter so far.
The initial public offer (IPO) of Ratnaveer Precision Engineering was subscribed 93.99 times. The issue opened for bidding on 4 September 2023 and it closed on 6 September 2023. The price band of the IPO was fixed at Rs 93-98 per share.
The IPO comprised of fresh issue of 1,38,00,000 equity shares and an offer for sale of up to 30,40,000 equity shares. Promoter Vijay Ramanlal Sanghavi has offered sale of up to 30.4 lakh equity shares, which shall lead to his post-issue shareholding decrease to 53.5% from 83.6% pre-issue shareholding.
The company proposed to utilize the net proceeds of the fresh issue towards funding working capital requirements amounting to Rs 85 crore and balance towards general corporate purposes prepayment.
Ratnaveer Precision Engineering is a stainless steel (SS) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes, and tubes.
The company reported a consolidated net profit of Rs 25.04 crore and total income of Rs 479.75 crore for the twelve months ended on 31 March 2023.
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