Ratnaveer Precision Engineering IPO : How to check the Allotment Status
Ratnaveer Precision Engineering Ltd IPO gets a strong response
The ₹165.03 crore IPO of Ratnaveer Precision Engineering Ltd, consisted of an offer for sale (OFS) and a fresh issue combined. The Fresh issue was to the tune of ₹135.24 crore while the OFS portion was to the tune of ₹29.79 crore. Thus, there is transfer of ownership via OFS and also dilution of equity via fresh issue in this case. The issue was overall subscribed 93.99 times, with the maximum subscription coming from the HNI / NII segment, which got subscribed 135.21 times. While the QIB segment got subscribed 133.05 times, even the retail portion got subscribed a very robust 54.01 times. The table below captures the day-wise build-up of the IPO subscriptions of Ratnaveer Precision Engineering Ltd.
|Day 1 (Sep 4, 2023)||0.05||9.10||7.84||5.88|
|Day 2 (Sep 5, 2023)||4.21||42.33||23.34||21.94|
|Day 3 (Sep 6, 2023)||133.05||135.21||54.01||93.99|
Most of the QIB subscriptions came in on the last day of the IPO, which is the norm. The same was the case with the HNI / NII investors also. The price band for the IPO was ₹93 to ₹98 per share, and looking at the response, it looks fairly likely that the price discovery would eventually happen at the upper end of the price band.
When will the basis of allotment be finalized?
The first step for checking the allotment status of the IPO online is the completion of the basis of allotment of Ratnaveer Precision Engineering Ltd. The basis of allotment will be finalized late on Monday, 11th September 2023. The refunds will be initiated by the company on 12th September 2023. The demat credits are expected to happen on 13th September 2023 while the listing of the stock on the NSE and the BSE will happen on 14th September 2023. In between there is a weekend and a banking holiday so the allotment status gets delayed by a couple of days. If you have applied for the IPO, you can check your allotment status online. Here is how you can go about doing it.
You can either check your allotment status on the BSE website or the IPO registrar, Link Intime India Private Limited. Here are the steps.
Checking the allotment status of Ratnaveer Precision Engineering Ltd on BSE website
This is a facility available to all mainboard IPOs, irrespective of who the registrar to the issue is. You can still access the allotment status on the website of BSE India as under. Visit the BSE link for the IPO allotment by clicking on the link below.
Once you reach the page, here are the steps to follow.
• Under Issue Type – Select Equity Option
• Under Issue Name – Select Ratnaveer Precision Engineering Ltd from the drop down box
• Enter the Application Number exactly as in the acknowledgement / CAF slip
• Enter the PAN (10-digit alphanumeric) number
• Once this is done, you need to click on the Captcha to verify that you are not a robot
• Finally click on the Search Button
In the past, while checking the allotment status on the BSE website, it was necessary to input the PAN number and the application Number. However, now BSE has modified the requirements and it is sufficient if you enter any one of these parameters.
The allotment status will be displayed on the screen in front of you informing about the number of shares of Ratnaveer Precision Engineering Ltd allotted into your demat account. It is always advisable to save a screenshot of the allotment status output for subsequently verifying with the demat account credits.
Checking the allotment status of Ratnaveer Precision Engineering Ltd on Link Intime India Private Limited (Registrar to the IPO)
Here are the steps to follow. Visit the Link Intime registrar website for IPO status by clicking on the link below:
This dropdown will only show the active IPOs, so once the allotment status is finalized, you can select Ratnaveer Precision Engineering Ltd from the drop-down box. In the case of Ratnaveer Precision Engineering Ltd, data access will be allowed late on 11th of September 2023 or by middle of 12th of September 2023.
• There are 4 options available to you and you will find these 4 options on the above access page itself. You can either access the allotment status based on PAN or Application Number or DPID / Client ID combination or based on the combination of the bank account / IFSC code used to apply for the IPO. You can select any one of the options that is preferred and provide the details accordingly.
• If you opt for the PAN Number access, then enter the 10 character income tax permanent account number (PAN). This is an alphanumeric code available either on your PAN card or on top of your income tax return.
• The second option is to use the Application Number that you used while making an application for the IPO. The application number is available on the acknowledgement provided to you and you can use that as one of the options to access allotment status.
• The third option is to use the DPID-Client ID combination. Remember that here you have to enter the DP id and the demat client id together as one single string. This DPID / Client ID combination is a numeric figure for CDSL demat accounts while it is an alphanumeric string for NSDL demat accounts. This combination of DP ID / Client ID of your demat account will be available in your demat statement or you can also get it online from your online trading account or trading app downloaded on the smart phone.
• The fourth option is to query based on the combination of your bank account number and IFSC number and irrespective of how many bank accounts you have, only use the bank account used for this particular IPO application. Once you click on this option, you find two boxes. First, enter your bank account number as it is. Secondly, enter the 11-character IFSC code, which is available on your cheque book. The first 4 characters of the IFSC code are alphabets and the last 7 characters are numeric. IFSC is an abbreviation for Indian Financial System Code and is unique to each account.
• Finally, click on the Search button
The IPO status with number of shares of Ratnaveer Precision Engineering Ltd allotted will be displayed on the screen in front of you. You can take a screenshot of the output page for your records.
Allotment chances depend on IPO oversubscription
One of the critical factors that determines the chances of subscription in an IPO is the extent of subscription. Of course, as an investors you must focus on the segment that you apply in. If you apply in the retail portion, the lower the subscription levels, the higher your chances of allotment. The table below captures the gist of the final subscription numbers of Ratnaveer Precision Engineering Ltd as of the close of trading on 06th September 2023.
|Qualified Institutional Buyers (QIB)||133.05 Times|
|S (HNI) ₹2 lakhs to ₹10 lakhs||144.38|
|B (HNI) Above ₹10 lakhs||130.63|
|Non Institutional Investors (NII)||135.21 Times|
|Retail Individuals||54.01 Times|
Data Source: BSE
The subscription has been quite robust across segments. If you are investing in the retail category, you still stance a good chance since the logic is to ensure more applicants get allotted the minimum lot size. Hence multiple applications of the minimum lot size across family members can be a good method of enhancing chances of allotment in the IPO.
Business model of Ratnaveer Precision Engineering Ltd
Ratnaveer Precision Engineering Ltd was incorporated in 2002 and the company currently manufactures stainless steel finished sheets, washers, solar roofing hooks, pipes, and tubes. Most of its specialized products are stainless based products. It customizes such stainless products for use in industries like automobiles, solar power, wind energy, power plants, hydrocarbons, pharmaceuticals, plumbing, instrumentation, electromechanics, architecture, building & construction etc. Some of its new product launches include circlip, spring washers, retaining rings, toothed lock washers, serrated lock washers etc. The company produces more than 2,500 washers in different sizes and adhering to international standards. The company is also a star rate export house, recognized by government of India.
Ratnaveer Precision Engineering has 4 manufacturing units. Out of these, two manufacturing units i.e., Unit-I and Unit-II are located at the Gujarat Industrial Development Corporation (GIDC), Vadodara, Gujarat. The third unit; Unit-III is located at Waghodia, which is also in Vadodara, Gujarat. The fourth unit, Unit-IV, is located at GIDC, Vatva near to Gujarat’s commercial capital of Ahmedabad. Broadly, Ratnaveer Precision Engineering Ltd manufacturers SS finishing sheets, SS washers and SS solar mounting hooks at Unit I, while it manufactures SS pipes & tubes at Unit II. The remaining two units viz. Unit III and Unit IV are dedicated to the backward integration process, which actually supply inputs to Unit 1 and 2. Unit III is the melting unit where melted steel scrap is turned into steel ingots, and Unit IV is the rolling unit where flat ingots are further processed into SS sheets; the principal raw materials for SS washers.
The fresh funds raised in the IPO would be applied for filling the working capital funding gaps and for general corporate purposes. The IPO of Ratnaveer Precision Engineering Ltd will be lead managed by Unistone Capital Private ltd. For managing the shareholder records, Link Intime India Private Ltd will be the registrars to the issue.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial.
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