Ratnaveer Precision IPO allotment today: Check the application status, GMP & other details

Ratnaveer Precision Engineering is scheduled to finalise the basis of allotment of its shares on today, that is Friday, September 08. The company is said to become the first debutant of the Indian bourses to get T+3 listing. The issue had received a super solid response from all the categories of investors during the three-day bidding process.

Some internet users on the microblogging platform X, formerly known as Twitter, claimed to receive messages for the debit of their funds, but the registrar's website did not acknowledge the same. However, Link Intime India, the registrar official confirmed to Business Today that the allotment will be out soon and can be checked on Friday evening.

A few weeks ago, capital markets regulator SEBI had suggested 'T+3' settle for the IPO bound companies, signaling the listing on the third day from the close of the issue. However, the new norm is voluntary from September 1 and will be mandatory from December 1, 2023 onwards. Ratnaveer Precision Engineering is set to become the first Indian company to follow T+3 listing norms.
 

If this holds true, then the bidders who could not get allotment in the IPO may see the initialization of refunds on Friday, September 8, while stock is likely to be listed at the bourses on Tuesday. September 11. However, Business Today does not vouch for the listing date as Unistone Capital, the manager for the issue, did not respond to our query.

The issue of Ratnaveer Engineering Precision was open for bidding between September 4-6. The company raised more than Rs 165 crore from its primary offering, which included a sale of fresh equity shares worth Rs 135.24 crore and an offer for sale (OFS) of 30.4 lakh equity shares worth Rs 29.79 crore.

Watch: BHEL, MMTC, BEML, other PSU stocks that have rallied over 80% in a month after PM Narendra Modi's 'Invest in PSUs' remark

The company had offered its shares in the fixed price band of Rs 94-99 apiece, and the investors could make bids for a minimum of 130 equity shares and its multiples thereof. The IPO of Ratnaveer Precision Engineering was overall subscribed a stellar 93.99 times.

The portion for qualified institutional bidders was booked a whopping 133.05 times, while the non-institutional investors' category was subscribed an astounding 135.21 times. Retail investors were nowhere behind in bidding as their quota was subscribed 54 times.
 

Grey market premium (GMP) of Ratnaveer Precision Engineering has remained strong and stable following the stellar subscription numbers and positive reviews. The company is commanding a premium of Rs 60 per share over its issue price in the unofficial market. The current grey market trends signal a 61 per cent listing pop for the investors.

Ratnaveer Precision Engineering, which was incorporated in 2002, manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Ratnaveer Precision Engineering has four manufacturing units located at Vadodara and Ahmedabad, Gujarat.

Brokerage firms are mostly positive on the stock and suggested a bid for the issue citing its strong business fundamental and in-line valuations. However, some analysts have a word of caution for the investors, who have cited rising competition from unorganized players as a key risk for the issue.

Investors, who had bid for the issue, can check the allotment status on the Bombay Stock Exchange (BSE) website:
1) Visit https://www.bseindia.com/investors/appli_check.aspx
2) Under the issue type, click Equity
3) Under the issue name, select Rantaveer Precision Engineering Limited in the dropbox
4) Write the application number
5) Add the PAN card ID
6) Click on 'I am not a Robot' and hit submit

Investors can also check the allotment status on the online portal of Link Intime India Private Limited. (https://linkintime.co.in/MIPO/Ipoallotment.html), the registrar to the issue.

The registrar is a Sebi-registered entity, qualified to act as such and which electronically processes all applications and carries out the allotment process, as per the prospectus.

The registrar is responsible for complying with the timelines for updating the electronic credit of shares to successful applicants, dispatching and uploading refunds, and attending to all investor-related queries after the issue is completed.

1) Go to the web portal of Link Intime India Private Limited
2) Select the IPO in dropbox whose name will be populated only if the allotment is finalized

3) You may be required to select either one of the three modes: Application number, Demat Account number, or PAN ID

4) In application type, select between ASBA and non-ASBA
5) Enter the details of the mode you selected in Step 2
6) For security purposes, fill the captcha accurately
7) Hit submit.

Watch: G20 Summit in Delhi: Nine facts you need to know about the global forum

Also read: Hot stocks on September 8, 2023: Adani Ports, IRFC, Graphite India, Cochin Shipyard, Mazagon Dock and more

Also read: Mazagon Dock shares in news on signing MSRA with US government. Key details