The non-institutional category was subscribed the most at 90.04 times, followed by retail investors at 39.67 times. The demand from qualified institutional buyers (QIB), which stayed muted for the first two days, also picked up pace on the last day with the category subscription at nearly 23 times.
According to market analysts, the company’s shares are commanding a premium of Rs 60 in the unlisted market.
The IPO is a combination of a fresh issue and an offer for sale (OFS). The fresh equity of 1.38 crore shares and OFS of 30.4 lakh shares. Under the OFS, promoter Vijay Ramanlal Sanghavi will offload 30.4 lakh shares.
Ratnaveer will not receive any proceeds from the OFS portion. From the fresh issue, net proceeds will be used to fund the working capital requirements and residual funds will be utilised for general corporate purposes.
The company fixed a price band of Rs 93-98 per share. Investors can bid for a minimum of 150 shares in one lot and in multiples thereafter.
Ratnaveer’s products include finished sheets, washers, solar roofing hooks, pipes, and tubes, which find applications across diverse industries, including automotive, solar power, wind energy, power plants, and more.The company intends to expand its portfolio of stainless steel washers by adding circlips to the product line. Currently, it offers over 2500 SKUs of stainless steel washers, including inner ring washers, spring washers, nord lock washers, and retaining rings of different sizes and specifications.
For the year ending March 2023, the company clocked a total income of Rs 481 crore and a profit after tax of Rs 25 crore in the same period. EBITDA for the year stood at Rs 47 crore, with margins of 9.8%.
In FY23, the domestic turnover was Rs 387 crore, while that from exports stood at Rs 92 crore.
Unistone Capital is acting as the sole book-running lead manager to the issue, while Lin Intime India is the registrar.
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