Rolex Rings IPO: Subscription Starts Today, Check Price Band & GMP
Rolex Rings Limited’s IPO will open for subscription on Monday. The company has fixed a price band of Rs 880-900 per share for its Rs 731 crore IPO. The public offer will end on July 30.
Bidding can be done in minimum 16 equity shares (Rs 14,408) and thereafter in multiples of 16 equity shares. A retail investor can bid for a maximum of 13 lots (Rs 187,200).
Rolex Rings is a manufacturer of auto-components based in Rajkot, Gujarat. Rolex Rings is one of the leading manufacturers of forged and machined components in the country.
The IPO of Rolex Rings comprises a fresh issue of Rs 56 crore shares and an offer for sale of 7.5 million equity shares by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC). The IPO at the upper end of the price band will fetch Rs 731 crore.
The IPO allotment of Rolex Rings will take place on August 3 and the shares will be listed on BSE and NSE on August 6.
Unlisted shares of Rolex Rings are trading at a premium of Rs 440 in the gray market.
Rolex Rings on Tuesday said it has collected over Rs 219 crore from anchor investors. According to a circular uploaded on the BSE website, the company has decided to allot 24,36,666 equity shares at Rs 900 per share to anchor investors, taking the transaction size to Rs 219.29 crore.
The proceeds from the fresh issue will be used to finance long-term working capital requirements as well as general corporate purposes. In addition, the auto component maker hopes to reap the benefits of listing equity shares on stock exchanges, increasing its brand name among existing and potential customers, and creating a public market for its equity shares in India.
Half of the issue size is reserved for Qualified Institutional Buyers (QIBs), 35 percent for retail investors and the remaining 15 percent for non-institutional investors.
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