 "Ratnaveer Precision Engineering IPO subscribed 21.77 times on 2nd day")
The Initial Public Offering (IPO) of Ratnaveer Precision Engineering received 21.77 times subscription on the second day of the share sale on Tuesday, driven by encouraging demand from institutional investors.
The IPO received bids for 25,66,70,250 shares against 1,17,88,000 on offer, as per NSE data.
The category for non-institutional investors was subscribed 42.22 times, the portion for Retail Individual Investors (RIIs) got subscribed 23.05 times and the quota for Qualified Institutional Buyers (QIBs) received 4.21 times subscription.
The IPO is a combination of fresh issue and offer for sale.
The offering of 1,68,40,000 equity shares has a fresh issue of 1,38,00,000 equity shares and offer for sale of up to 30,40,000 equity shares.
The price range for the offer is Rs 93-98 per share.
The company is a stainless steel washer manufacturer and supplier.
Unistone Capital Private Ltd is the manager to the offer.
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