Gujarat-based Ratnaveer Precision Engineering raised Rs 49.5 crore from six anchor investors on September 1, a day before the public issue launch.
Domestic and foreign investors, who participated in the anchor book issue were Societe Generale, Sixteenth Street Asian Gems Fund, Saint Capital Fund, Coeus Global Opportunities Fund and Leading Light Fund VCC - The Triumph Fund.
The stainless steel-based products maker in a filing to the exchanges said that it has finalised the allocation of 50,52,000 equity shares to anchor investors at Rs 98 per share after consultation with merchant bankers.
The anchor book is a part of the qualified institutional buyers (QIB) portion which is half of the total offer size. The remaining part of the offer is divided among high networth individuals (HNIs) and retail investors with 30:70 ratio.
The initial public offering of 1.68 crore shares will open for subscription on September 4, while the closing date will be September 6.
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The company intends to mop up Rs 165.03 crore via public issue, at the upper price band. The offering comprises a fresh issue of 1.38 crore shares worth Rs 135.24 crore and an offer-for-sale (OFS) of 30.4 lakh shares worth Rs 29.79 crore by promoter Vijay Ramanlal Sanghavi.
The amount of Rs 85 crore of the net fresh issue by Ratnaveer Precision Engineering will be utilised for working capital requirements. The remaining amount will be kept for general corporate purposes.
The OFS money will go to the selling shareholder and the firm will not get any money from the OFS.
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With four units manufacturing finished sheets, washers, solar roofing hooks, pipes and tubes, Ratnaveer caters to many industries such as pharmaceuticals, electromechanics, automotive, building & construction, power, oil & gas, electrical appliances and kitchen appliances.
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