Ratnaveer Precision Engineering Shares List at 32% Premium
Stainless steel-based products company Ratnaveer Precision Engineering made a strong debut on the stock exchanges on September 11, listing at a premium of 32% over its issue price of Rs 98.
The stock opened at Rs 123.20 in the pre-opening session and touched a high of Rs 129.35 in the intraday trade. It closed at Rs 129.35 on the National Stock Exchange (NSE), up 32% from its issue price.
The stock also listed on the BSE at a premium of 37.14%, closing at Rs 134.4.
The strong listing of Ratnaveer Precision Engineering was largely attributed to the robust IPO subscription numbers and bullish market conditions. The IPO was subscribed 101.14 times, with retail investors subscribing 30.35 times.
The Gujarat-based company raised Rs 165.03 crore via its IPO last week. It plans to use the proceeds to expand its manufacturing capacity and for research and development.
Ratnaveer Precision Engineering is a leading manufacturer of stainless steel products. It caters to several industries, including automotive, power, oil & gas, pharmaceuticals, electromechanics, building & construction, electrical appliances and transportation.
The company has four manufacturing units in Gujarat.
Here are some of the key takeaways from the article:
- Ratnaveer Precision Engineering shares listed at a premium of 32% over its issue price of Rs 98.
- The stock opened at Rs 123.20 in the pre-opening session and touched a high of Rs 129.35 in the intraday trade.
- It closed at Rs 129.35 on the NSE, up 32% from its issue price.
- The stock also listed on the BSE at a premium of 37.14%, closing at Rs 134.4.
- The strong listing was largely attributed to the robust IPO subscription numbers and bullish market conditions.
- The company plans to use the proceeds to expand its manufacturing capacity and for research and development.
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