Read on the application
Ratnaveer Precision Engineering IPO: September 11 is going to be a very important day in the history of the IPO market. This is the first time that the listing of an IPO will take place within three working days of closing. The name of this IPO is – Ratnaveer Precision Engineering. The IPO was expected to be listed on the stock market on September 14 but now the listing will take place on September 11. Thus, it will become the first company to debut on the exchanges within three days of the closing of the issue.
The market regulator recently announced changes to IPO listing rules, reducing the timeline from T+6 days to T+3 days. Here T is the closing date of the IPO. The new rules will be applied on a voluntary basis for IPOs hitting the market after September 1. However, it is likely to be made mandatory from December.
allocated
Ratnaveer Precision Engineering’s IPO closed on September 6. At the same time, the allotment was done today i.e. 8th September. It received strong response from investors and was subscribed a total of 93.95 times at the close.
How much is GMP: Shares of the company in the unlisted market at Rs. 60 are being traded at a premium. Rs. Considering the price band of 90, the stock is expected to list at a premium of 61%. Thus, it can be said that the share may list around Rs.150.
Ratnaveer’s products include finished sheets, washers, solar roof hooks, pipes and tubes, which are used in various industries including automotive, solar power, wind power, power plants and others. Unistone Capital is acting as the sole book-running lead manager for the issue, while Lin Intime India is the registrar.