Investors eagerly await the Ratnaveer Precision Engineering IPO allotment results. Get ready to check your application status and the latest Grey Market Premium (GMP).
Allotment Date and T+3 Listing
Today, on September 8, Ratnaveer Precision Engineering is set to finalize the basis of allotment for its shares. Interestingly, it's poised to become the first company on the Indian bourses to achieve T+3 listing, following SEBI's new voluntary norm starting from September 1. The norm mandates T+3 listing from December 1, 2023.
If this holds true, those who didn't secure IPO allotments may see refunds initiated on September 8, with the stock likely to be listed on Tuesday, September 11.
Strong Response to IPO
Ratnaveer Precision Engineering's IPO garnered substantial attention during its three-day bidding period. The company raised over Rs 165 crore, consisting of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore.
The IPO was available in a fixed price band of Rs 94-99 per share, with a minimum bid of 130 equity shares and its multiples. Impressively, the subscription rate reached a staggering 93.99 times.
Grey Market Premium Update
Ratnaveer Precision Engineering continues to command a robust Grey Market Premium (GMP). The GMP stands at Rs 60 per share over the issue price, signaling a potential 61% listing pop for investors.
About Ratnaveer Precision Engineering
Established in 2002, Ratnaveer Precision Engineering specializes in manufacturing stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. The company operates four manufacturing units located in Vadodara and Ahmedabad, Gujarat.
Analyst Sentiments
Brokerage firms are predominantly positive about the stock, citing strong business fundamentals and in-line valuations. However, some analysts caution investors about rising competition from unorganized players as a potential risk.
Check Your Allotment Status
Investors who took part in the IPO can verify their allocation status on the Bombay Stock Exchange (BSE) portal. Follow these steps:
- Visit BSE Allotment Status
- Select "Equity" under the issue type.
- Choose "Ratnaveer Precision Engineering Limited" from the issue name dropdown.
- Enter your application number & PAN card ID.
- Complete "I am not a Robot" verification, then submit.
Alternatively, you can check the allotment status on Link Intime India Private Limited's online portal, the registrar to the issue.
Stay tuned for the allotment results and prepare for Ratnaveer Precision Engineering's potential listing on the bourses.