Ratnaveer Precision Engineering closes with 32% premium over IPO price on debut

Ratnaveer Precision Engineering locks in 5% upper circuit

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Stainless steel-based products company Ratnaveer Precision Engineering has recorded 32 percent gains at close on its listing day, September 11, which is largely attributed to the robust IPO subscription numbers and bullish market conditions.

The stock opened sharply higher at Rs 123.20, up 25.7 percent over the issue price of Rs 98, in the pre-opening session. In the normal session, it opened with a 5 percent upper circuit at Rs 129.35 but saw some profit booking in late morning deals and hit a day's low of Rs 123. The stock rebounded in the afternoon and again locked at a 5 percent upper circuit till the closing, compared to the pre-opening price.

In comparison with the issue price, the stock settled with 32 percent gains at Rs 129.35 on the NSE, while the closing on the BSE was Rs 134.4, up 37.14 percent over the IPO price and up 5 percent over the pre-opening price of Rs 128.

Also read: Yatra Online to float public issue on Sept 15

The stock traded in the trade-for-trade segment, hence there was a 5 percent upper and lower circuit from the pre-opening price.

Ratnaveer Precision Engineering traded with a volume of 46.74 lakh shares on the NSE, and 16.98 lakh shares on the BSE.

The Gujarat-based company raised Rs 165.03 crore via public issue last week, at the upper end of the price band of Rs 93.98 per share.

With four manufacturing units in Gujarat, its stainless steel product manufacturer caters to several industries such as automotive, power, oil & gas, pharmaceuticals, electromechanics, building & construction, electrical appliances and transportation.

Also read: EMS IPO booked 15.03 times, retail portion subscribed 16.59 times on day 2