Ratnaveer Precision shares jump nearly 31% in market debut

Shares of Ratnaveer Precision Engineering Ltd climbed nearly 31 per cent in its debut trade on Monday against the issue price of Rs 98.

The company is a stainless steel washer manufacturer and supplier.

Shares of the company debuted at Rs 128 apiece, registering a jump of 30.61 per cent from the issue price on the BSE. Later, it zoomed 36.73 per cent to Rs 134.

At the NSE, it listed at Rs 123.20, rallying 25.71 per cent.

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

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

The public issue of over 1.68 crore shares comprised a fresh issue of 1.38 crore scrips and an offer-for-sale of 30.40 lakh shares.

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