Ratnaveer Precision Engineering IPO subscribed 93.96 times on last day of subscription

The Initial Public Offering (IPO) of Ratnaveer Precision Engineering Limited was subscribed 93.96 times on the last day of subscription on Wednesday, riding high on encouraging participation from institutional investors.

The company is a stainless steel washer manufacturer and supplier.

The share sale received bids for 110.76 crore shares against 1.17 crore shares on offer, as per NSE data.

The portion for non-institutional investors was subscribed 135.20 times and that of Qualified Institutional Buyers (QIBs) received 133.05 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 53.95 times.

The IPO was a combination of fresh issue and offer for sale.

The public issue of 1,68,40,000 equity shares had a fresh issue of 1,38,00,000 equity shares and an offer for sale of up to 30,40,000 equity shares.

Price range for the offer was Rs 93-98 a share.

Unistone Capital was the manager to the offer.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)