Ratnaveer Precision Engineering Set to Launch IPO on September 4: All You Need to Know

4 Sep 2023 , 06:32 AM

Vadodara-based Ratnaveer Precision Engineering has announced its plans to initiate a public issue on September 4. The anticipated price band for the book-built issue will be unveiled in the coming week. The closing date for the initial public offering (IPO) is September 6. 

The IPO encompasses a fresh issuance of 1.38 crore equity shares by the company and an offer-for-sale (OFS) of 30.4 lakh shares by promoter Vijay Ramanlal Sanghavi. The anchor book is scheduled to open on September 1.

The price band for the Ratnaveer IPO has been set between Rs 93 to Rs 98 per equity share, and each of these shares has a face value of Rs 10. The lot size for the Ratnaveer IPO is 150 equity shares, and additional shares can be purchased in multiples of 150 equity shares thereafter.

The net proceeds from the fresh issue will predominantly be allocated to meet working capital requirements, totaling Rs 85 crore. Within this allocation, Rs 55 crore will be deployed in the current financial year, and the remaining Rs 30 crore will be utilized in FY25. The remaining funds from the fresh issue will be employed for general corporate purposes.

Ratnaveer Precision Engineering is set to make its debut on both the BSE and NSE on September 14, adhering to the IPO timeline. Unistone Capital serves as the merchant banker for the issue, with Link Intime India acting as the registrar.

Operating with four manufacturing units, this Gujarat-based manufacturer of stainless steel products specializes in producing an array of finished sheets, washers, solar roofing hooks, pipes, and tubes. These products cater to diverse industries including automotive, power plants, oil & gas, pharmaceuticals, electromechanics, building & construction, electrical appliances, and kitchen appliances.

Notably, Ratnaveer Precision Engineering achieved an impressive year-on-year growth of 164.3% in net profit, reaching Rs 25 crore for the fiscal year ending March FY23. This remarkable growth is underpinned by the company’s strong operational performance. Furthermore, the company’s revenue from operations for the past year amounted to Rs 480 crore, marking a 12.4% increase from the previous year. The domestic market contributed over 80% of this revenue, with exports accounting for the remaining share.

Open date	04-Sep-23
Close date	06-Sep-23
Lot size	150 shares
IPO size (Rs crore)	Rs 165.03 crore
IPO price range (Rs)	Rs 93-98
Minimum investment	Rs 14,700
Basis of allotment date	11-Sep-23
Refunds date	12-Sep-23
Credit to demat account date	13-Sep-23
Listing date	14-Sep-23