Ratnaveer Precision Engineering is into Engineering-Precision Engineering and is looking raise funds through Fresh Issue and Offer for Sale
Ratnaveer Precision Engineering IPO is a public offering of shares by Vijay Ramanlal Sanghavi. The IPO will open on September 04 and will close on September 06. The price band is ₹93 to ₹98 per share and the lot size is 150 shares. The issue size is ₹165.03 crore. The shares are expected to be listed on NSE, BSE on September 14 (^). Some additional information that you may find useful are: : (**) - based on higher price band (^) indicative date
Quick Pointers
- Promoters of the company are Vijay Ramanlal Sanghavi Currently promoters hold 86.3% stake in the company.
- Company aims to raise between Rs 157 to 165 crs through this IPO.
- The net proceeds of the issue will be utilized to 1) Funding working capital requirements of about Rs. 85 crores and and 2) General corporate purpose
- Anchor bidding is expected to commence one day prior to the IPO dates. Tentative anchor bidding date would be 01-Sep-23.
- Price band for the IPO has been fixed at Rs 93 to 98 per share and bid lot are in multiple of 150 shares. The implied market cap post-issue at Rs 479 to 475 crs.
- As per the tentative schedule, allotment date of this IPO is most likely on September 11 and share are expected to be listed on NSE, BSE on September 14.
- Company has direct competition in the precision engineering industry in listed space with Menon Bearings, Venus Pipes and Tubes amongst others.
- Unistone Capital has been appointed as Merchant Banker to the issue. Link Intime India Pvt. Ltd. has been appointed as official registrar of the issue.
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About Company
Established in 2002, Ratnaveer Precision Engineering is a stainless steel (“SS”) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes. Stainless steel is a value-added product with high corrosion resistant properties. Higher levels of chromium and additions of other alloy elements enhance the corrosion resistance. Compared to traditional steel, stainless-steel has higher resistance to corrosion, superior aesthetic finish and higher life span. These features have helped in increasing the popularity of stainless-steel across the world.
About Industry
Since 2000, steel production in the country has seen a phenomenal increase as the sector witnessed high investments in capacity addition as well as technology up-gradation. According to World Steel Association (WSA), India produced 118.13 Mn tons of crude steel in CY 2021 and accounted for 6.1% share in global crude steel production. According to WSA’s September 2022 update, India produced approximately 93.3 Mn tons of steel during January – September 2022 period, which nearly 6.4% higher than same period previous year. Unless there are no major disruptions, Indian steel industry would end the year with approximately 124 Mn tons of crude steel. In 2021, India’s crude steel production registered a robust y-o-y growth of 18% against 10% contraction in the previous year while it grew at a CAGR of 4% between 2017-21. Presence of such a vast primary steel manufacturing infrastructure coupled with the low-cost worker has also helped in the growth of secondary and finished steel products. On consumption side, India is also the second largest consumer of finished steel. The emergence of a middle-class consumer segment has altered the consumption landscape in India
Promoters of the company are Narendra Joharimal Goliya Currently promoters hold 80.67% stake in the company.
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