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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 level at 19,191, followed by the next support at 18,888.
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.