Page 10 - Precision Engineering News Today

Ratnaveer IPO was subscribed 5.77 times on day 1; Should you invest on day 2

Ratnaveer Precision Engineering will raise Rs 165 crore from its IPO which includes a sale of 1.38 crore fresh shares while its promoter will offloard 30.40 lakh shares.

Ratnaveer Precision Engineering IPO | The Gujarat-based company intends to raise Rs 165.03 crore via maiden public issue, at upper price band.

Ratnaveer IPO GMP today: Get a complete coverage on Ratnaveer IPO GMP, price, review and other details. Read key details of ratnaveer ipo at news18.com

At 11.08 am, the public issue was subscribed 1.02 times, with the retail portion garnering 1.62 times bids while the non-institutional investors portion was subscribed 1.02 times. However, there have been no bids from qualified institutional buyers so far.

Ratnaveer Precision Engineering will raise Rs 165 crore from its IPO which includes a sale of 1.38 crore fresh shares while its promoter will offloard 30.40 lakh shares.

In the current week, IPOs of three companies including Ratnaveer Precision Engineering, Jupiter Life Line Hospitals, and EMS Ltd, will open for subscription.

"As we step into a new month, the market is brimming with various domestic and global macroeconomic indicators expected to sustain its momentum," said Pravesh Gour, Senior Technical Analyst, Swastika Investmart. Technically, Nifty is trying to create a base around the 19,200 level, but it has to cross the 19,600 resistance level to resume its bullish momentum, Gour said, adding that above 19,600, one can expect a move towards the 19,650–19,700 zones. He sees the crucial support l...

About 50% of the offer is set aside for qualified institutional buyers, 15% is reserved for non-institutional investors, and 35% for the retail category. Investors can bid for a minimum of 150 shares in one lot and in multiples thereafter.

The IPO comprises fresh equity issue of 1.38 crore shares and an offer for sale (OFS) of 30.4 lakh shares.