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Ratnaveer Precision Engineering Limited IPO Detail

Ratnaveer Precision Engineering Limited IPO Detail

Incorporated in 2002, Ratnaveer Precision Engineering Limited manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes.

The company manufactures stainless steel-based products for automotive, solar power, wind energy, power plants, oil & gas, pharmaceuticals, sanitary & plumbing, instrumentation, electromechanics, architecture, building & construction, electrical appliances, transportation, kitchen appliances, chimney liners, and other industries.

Ratnaveer Precision Engineering has 4 manufacturing units out of which two units; Unit-I and Unit-II are located at GIDC, Savli, Vadodara, Gujarat, Unit-III is located at Waghodia, Vadodara, Gujarat, and Unit-IV is located at GIDC, Vatva, Ahmedabad, Gujarat. The company manufactures SS finishing sheets, SS washers, and SS solar mounting hooks at Unit I and SS pipes & tubes at Unit II. Unit III and Unit IV are dedicated to the backward integration process. Unit III is the melting unit where melted steel scrap is turned into steel ingots, and Unit IV is the rolling unit where flat ingots are further processed to turn them into SS sheets which are the raw material for SS washers.

Ratnaveer intends to expand its portfolio of SS washers by adding circlips to the product line, it currently offers over 2,500 SKUs of SS washers including inner ring washers, spring washers, nord lock washers, retaining rings, internal tooth washers and external tooth washers of different sizes and specifications. For this, the company has also taken land located at E-78, GIDC Industrial Estate, Savli, Dist. Vadodara, Gujarat which is adjoining to Unit I, on a 99-year lease from GIDC.

In the fiscal year 2023, the company recorded a total revenue from operations of Rs. 4,797.30 million which includes a domestic turnover of Rs. 3,875.39 million and an export turnover of Rs. 921.91 million.

Company Promoters

Mr. Vijay Ramanlal Sanghavi is the company's promoter.

IPO Details

IPO Opening DateSep 04, 2023
IPO Closing DateSep 06, 2023
Issue TypeBook Built Issue IPO
Face Value₹10 per equity share
IPO Price ₹93 - 98 per equity share
Market Lot150 Shares
Min Order Quantity150 Shares
Listing AtBSE, NSE
Issue Size₹165.03 Cr
Fresh Issue₹135.24 Cr
Offer for Sale₹29.79 Cr
Retail Portion 35.00%

IPO Subscription (Bidding Detail)

Day 1 0.05x 9.05x 7.74x - 5.82x
Day 2 4.21x 42.32x 23.28x - 21.91x
Day 3 133.05x 135.20x 35.97x - 93.97x

IPO Tentative Timetable

The Ratnaveer Precision Engineering Limited IPO open date is Sep 04, 2023, and the close date is Sep 06, 2023. The issue may list on Sep 14, 2023.

IPO Open DateSep 04, 2023
IPO Close DateSep 06, 2023
Basis of Allotment DateSep 08, 2023
Initiation of RefundsSep 12, 2023
Credit of Shares to Demat AccountSep 13, 2023
IPO Listing DateSep 14, 2023

IPO Lot Size

The Ratnaveer Precision Engineering Limited IPO market lot size is 150 shares. A retail-individual investor can apply for up to 13 lots (1950 shares or ₹191100).

ApplicationLotsSharesAmount (Cut-off)

IPO Promoter Holding

Pre Issue Share Holding86.3%
Post Issue Share Holding55.48%

Company Financials:

For the year/period ended (₹ in Crore)

Financial Year Total Assets Total Revenue Profit After Tax
31-Mar-21 255.92 364.05 5.46
31-Mar-22 308.63 428.47 9.48
31-Mar-23 389.05 481.14 25.04

Objects of the Issue:

The company intends to utilize the net proceeds from the issue towards the funding of the following objects:

  1. Funding the working capital requirements of the company.
  2. General corporate purposes

Ratnaveer Precision Engineering Limited IPO Registrar:

Link Intime India Private Ltd

Ratnaveer Precision Engineering Limited IPO Lead Manager(s):

Unistone Capital Pvt Ltd

Company Contact Information:

Ratnaveer Precision Engineering Limited

Plot no. E-77, G.I.D.C., Savli (Manjusar), Vadodara