Ratnaveer Precision jumps 32 per cent on Day 1 of listing

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Shares of Ratnaveer Precision Enginering, the first company to list on T+3 basis, made a strong debut at the bourses by gaining over 30 per cent.

Shares of the company debuted at ₹128, registering a jump of 30.61 per cent from the issue price of ₹98 on the BSE. During the day, it zoomed 37.14 per cent to end at ₹134.40. On the NSE, it was listed at ₹123.20, rallying 25.71 per cent. Shares of the firm ended at ₹129.35 apiece, a gain of 31.98 per cent.

The IPO of Ratnaveer Precision Engineering IPO was subscribed 93.99 times. The public issue saw subscription of 54 times by retail category, 133.05 times by QIBs, and 135.21 times by NII category.

Issue details

The IPO consisted of a fresh issue of ₹135.24 crore and OFS worth ₹29.79 crore (by promoter selling shareholder Vijay Ramanlal Sanghavi).

As part of the IPO process, it raised about ₹49.5 crore from anchor investors, by allotting 50,52,000 shares at ₹98 a share. 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 participated in the anchor window.

Utility of funds

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

The Securities and Exchange Board of India (SEBI) on August 9 halved the timeline for listing of shares on stock exchanges after the closure of IPOs to three days from six days. The new listing time-frame will be voluntary for all public issues opening on or after September 1 and mandatory for all issues which come after December 1, said SEBI.

However, Ratnaveer Precision decided to go in for voluntary listing on t+3 basis.