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The initial public offer (IPO) of Ratnaveer Precision Engineering received bids for 1,10,76,40,050 shares as against 1,17,88,000 shares on offer, according to stock exchange data at 17:00 IST on Wednesday (6 September 2023). The issue was subscribed 93.96 times.
The issue opened for bidding on Monday (4 September 2023) and it will close on Wednesday (6 September 2023). The price band of the IPO is fixed at Rs 93-98 per share. An investor can bid for a minimum of 150 equity shares and in multiples thereof.
The IPO comprises 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 proposes 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.
Ahead of the IPO, Ratnaveer Precision Engineering on Friday, 1 September 2023 raised Rs 49.50 crore from anchor investors. The board allotted 50.52 lakh shares at Rs 98 each to 6 anchor investors.
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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