The Ratnaveer Precision Engineering IPO, valued at Rs 165.03 crores, comprises a book-built issue. It consists of a fresh issue of 1.38 crore shares worth Rs 135.24 crores, alongside an offer for sale of 0.3 crore shares totaling Rs 29.79 crores.
The IPO bidding for Ratnaveer Precision Engineering commenced on September 4, 2023, concluding on September 6, 2023. Allotment results were determined by Thursday, September 7, 2023. The shares were subsequently listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) on September 11, 2023.
The IPO price range for Ratnaveer Precision Engineering is ₹93 to ₹98 per share, with a minimum lot size of 150 shares. Retail investors need to invest a minimum of ₹14,700. Strategic Non-Institutional Investors (sNII) must invest in 14 lots (2,100 shares), totaling ₹205,800, while big Non-Institutional Investors (bNII) need to invest in 69 lots (10,350 shares), amounting to ₹1,014,300.
Unistone Capital Pvt Ltd serves as the book running lead manager for the Ratnaveer Precision Engineering IPO, with Link Intime India Private Ltd appointed as the registrar overseeing the issue.
OBJECTIVE OF IPO
RatnaVeer Precisions IPO Details |
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| IPO Date | September 04, 2023 to September 06, 2023 | ||||||||||
| Listing Date | September 11, 2023 | ||||||||||
| Face Value | 10 | ||||||||||
| Price | 93-98 | ||||||||||
| Lot Size | 150 shares | ||||||||||
| Total Issue Size | 165.03 | ||||||||||
| Fresh Issue | 13,800,000 shares (aggregating up to ₹135.24 Cr) | ||||||||||
| Offer for Sale | 3,040,000 shares of ₹10 (aggregating up to ₹29.79 Cr) | ||||||||||
| Issue Type | Book Built Issue IPO | ||||||||||
| Listing At | NSE, BSE | ||||||||||
| Share holding pre issue | 34,699,040 | ||||||||||
| Share holding post issue | 48,499,040 | ||||||||||
RatnaVeer Precisions IPO Lot Size |
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| Application | Lots | Shares | Amount | ||||||||
| Retail (Min) | 1 | 150 | ₹14,700 | ||||||||
| Retail (Max) | 13 | 1950 | ₹191,100 | ||||||||
| S-HNI (Min) | 14 | 2,100 | ₹205,800 | ||||||||
| S-HNI (Max) | 68 | 10,200 | ₹999,600 | ||||||||
| B-HNI (Min) | 69 | 10,350 | ₹1,014,300 | ||||||||
RatnaVeer Precisions IPO Timeline (Tentative Schedule) |
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| IPO Open Date | Monday, September 4, 2023 | ||||||||||
| IPO Close Date | Wednesday, September 6, 2023 | ||||||||||
| Basis of Allotment | Thursday, September 7, 2023 | ||||||||||
| Initiation of Refunds | Friday, September 8, 2023 | ||||||||||
| Credit of Shares to Demat | Friday, September 8, 2023 | ||||||||||
| Listing Date | Monday, September 11, 2023 | ||||||||||
| Cut-off time for UPI mandate confirmation | 5 PM on September 6, 2023 | ||||||||||
RatnaVeer Precisions IPO Reservation |
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| Investor Category | Shares Offered | Reservation % | |||||||||
| Anchor Investor Shares Offered | 5,052,000 (30.00%) | NA | |||||||||
| QIB Shares Offered | 3,368,000 (20.00%) | NA | |||||||||
| NII (HNI) Shares Offered | 2,526,000 (15.00%) | ||||||||||
| bNII > ₹10L | 1,684,000 (10.00%) | 801 | |||||||||
| sNII < ₹10L | 842,000 (5.00%) | 400 | |||||||||
| Retail Shares Offered | 5,894,000 (35.00%) | 39,293 | |||||||||
| Total Shares Offered | 16,840,000 (100%) | ||||||||||
RatnaVeer Precisions IPO Promoter Holding |
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| Share Holding Pre Issue | 86% | ||||||||||
| Share Holding Post Issue | 55% | ||||||||||
RatnaVeer Precisions IPO Subscription Status |
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| Investor Category | Shares Offered | Shares Bid For | No oF Times Subscribed | ||||||||
Co. incorporate in 2002 is a stainless-steel product manufacturer, producing: • Finished Sheets • Washers • Solar Roofing Hooks • Pipes & Tubes. Company operates at 4 (two at GIDC, one in Vadodara, one in Ahmedabad, Gujarat) with availability of transportation, which facilitates convenient transportation of products. Works with backward integration model focusing on expanding its product portfolio
RISK FACTOR
• Few customers are holding majority part of sales with high volume and low margin.
• Negative cashflows in the recent past in the competitive industry and price sensitive industry with lack of long-term contracts may affect the financials.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
|---|---|---|---|
| Reserve of Surplus | 71.16 | 61.71 | 52.32 |
| Total Assets | 389.05 | 308.63 | 255.92 |
| Total Borrowings | 229.99 | 190.73 | 150.76 |
| Fixed Assets | 43.65 | 36.46 | 30.093 |
| Cash | 30.2 | 19.6 | 18.7 |
| Net Borrowing | 199.7 | 171.13 | 132.06 |
| Revenue | 481.14 | 428.47 | 364.0 |
| EBITDA | - | 29.1 | 24.3 |
| PAT | 25.04 | 9.48 | 5.46 |
| EPS | 7.26 | 2.75 | 1.59 |
Key Performance Indicator |
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| KPI | Values | ||||||||||
| EPS Pre IPO (Rs.) | 7.26 | ||||||||||
| EPS Post IPO (Rs.) | - | ||||||||||
| P/E Pre IPO | - | ||||||||||
| P/E Post IPO | 18.99 | ||||||||||
| ROE | 29.12% | ||||||||||
| ROCE | 12.62% | ||||||||||
| P/BV | 3.19 | ||||||||||
| Debt/Equity | 2.17 | ||||||||||
| RoNW | 29.12% | ||||||||||
RatnaVeer Precisions Limited IPO Peer Comparison |
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| Company Name | EPS | ROCE | ROE | P/E (x) | P/Bv | Debt/Equity | RoNW (%) | ||||
| M M Forgings Ltd | 55.9 | 15.1% | 19.8% | 15.6 | 2.78 | 0.94 | 15.1% | ||||
| Menon Bearings Ltd | 5.07 | 32.1% | 26.6% | 22.7 | 4.79 | 0.18 | 32.1% | ||||
| Venus Pipes & Tubes Ltd | 36.6 | 22.9% | 19.6% | 50 | 10.4 | 0.41 | 22.9% | ||||
| RatnaVeer Precisions Limited | 7.26 | 12.62% | 29.12% | 18.99 | 3.19 | 2.17 | 29.12% | ||||
Ratnaveer Precision Engineering Limited
Plot no. E-77, G.I.D.C.,
Savli (Manjusar),
Vadodara - 391 775
Phone: +91 8487878075
Email: cs@ratnaveer.com
Website: https://ratnaveer.com/
Link Intime India Pvt. Ltd.
Address: C - 101, 1st Floor, 247 Park L.B.S. Marg, Vikhroli West,
Mumbai 400 083, Maharashtra, India
Phone: +91-22-4918 6270
Email: ratnaveerprecision.ipo@linkintime.co.in
Website: https://linkintime.co.in/initial_offer/public-issues.html
Ratnaveer Precision Engineering Ltd. (RPEL), previously known as Ratnaveer Metals Ltd., specializes in manufacturing stainless steel (SS) products such as sheets, washers, solar roofing hooks, pipes, and tubes, known for their corrosion-resistant properties. Over the last three fiscal years, RPEL has consistently increased its turnover and net profit, with an average EPS of Rs. 4.81 and an average RoNW of 18.20%. The IPO is priced at a P/BV of 3.19, reflecting the company's solid performance. Although RPEL hasn't declared dividends, its focus on high-margin SS cold-rolled products and efficient operations suggests potential for growth. Considering its steady financials, investors may find RPEL an attractive long-term investment option.
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