Two new stocks entered the listed space on Monday, September 11. The stocks of Ratnaveer Precision Engineering—a maker of finished stainless steel products—and Rishabh Instruments—a manufacturer of measuring instruments—debuted in the secondary market. 

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Though the stocks debuted at mild premiums over their respective issue prices, both fell short of the expectations of Zee Business Managing Editor Anil Singhvi. Ratnaveer Precision shares opened at Rs 128 apiece on BSE, marking a premium of Rs 30, or 30.6 per cent, over the upper end of the price band of the company's IPO. The stock of Rishabh Instruments began its journey on the bourse at Rs 460 apiece, a premium of Rs 19, or 4.3 per cent. 

On NSE, the listings took place at Rs 123.2 apiece and Rs 460.1 apiece for Ratnaveer Precision and Rishabh Instruments shares, respectively.   

Ratnaveer Precision shares finished the listing day at Rs 134.4 apiece and Rs 129.4 apiece on BSE and NSE, respectively. Rishabh Instruments shares settled at Rs 442.8 apiece and Rs 441.5 apiece, respectively. 

EDITOR'S TAKE | Anil Singhvi expected Ratnaveer Precision Engineering and Rishabh Instruments shares to debut at 58% and 14.5%, respectively 

Market wizard Singhvi had expected Ratnaveer Precision shares to enter the listed space in the range of Rs 145-155 apiece, translating to a premium of 48-58 per cent over the issue price.  For Rishabh Instruments, he had predicted a market debut at Rs 490-505 apiece—a premium of up to 14.5 per cent. 

Here's how investors responded to the two IPOs:

Ratnaveer Precision Engineering

The IPO, which was open for subscription from September 4 to September 6, registered an overall subscription of 94 times the equity on offer, receiving bids for 110.8 crore shares against the 1.2 crore shares on offer, according to exchange data.

Here's how different categories of investors responded to the Ratnaveer Precision IPO: 

Category Reservation Subscription (No. of times the shares reserved)
Qualified institutional buyers 50% 133.1
Non-institutional investors (high net-worth individuals) 15% 135.2
Retail investors 35% 54
Total 94
Source: Exchange data

During the bidding process, Ratnaveer Precision Engineering shares were offered at Rs 93-98 apiece in multiples of 150, translating to Rs 13,950-14,700 per lot. 

Rishabh Instruments

The issue, whose subscription window was open from August 30 to September 1, was booked an overall 31.7 times, with bids in place for 24.7 crore shares against the 77.9 lakh shares on offer, according to data.

Here's how different categories of investors responded to the IPO:

Category Reservation Subscription (No. of times the shares reserved)
Qualified institutional buyers 50% 72.5
Non-institutional investors (high net-worth individuals) 15% 31.3
Retail investors 35% 8.4
Total 31.7
Source: Exchange data

Under the IPO, Rishabh Instruments shares were available for bidding in a price range of Rs 418-441 apiece in multiples of 34 (Rs 14,212-14,994 per lot).  

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