1 min read.Updated: 02 Aug 2021, 12:09 PM ISTLivemint
Rolex Rings is one of the top five forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components
Auto-components maker Rolex Rings Limited's initial public offering (IPO), that was open for subscription on July 28 and closed on July 30, share allotment is expected to be finalized on August 4. The company's price band was fixed at ₹880-900 per share. The bidders can check their share allotment status online by logging in at the BSE website here or at the official registrar's website Link Intime India Private Ltd here.
Rolex Rings grey market premium (GMP) is strong at ₹510 today as all eyes are on the share allotment and listing date. Rolex Rings shares are expected to list on 9August 2021 on the Indian stock exchanges.
Rolex Rings IPO received an overwhelming response across all categories as the issue was subscribed 130.43 times on the final day of the bidding. The offer received bids for over 741.5 million equity shares against the total issue size of 5.69 million equity shares, according to the exchanges showed.
Qualified institutional buyers (QIBs) portion was subscribed 143.58 times, while those of non-institutional investors were subscribed 360.11 times and that of retail individual investors (RIIs) was subscribed 24.48 times.
The IPO comprises a fresh issue of ₹56 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC). Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited were the managers of the offer.
Rolex Rings, based in Gujarat, is one of the top five forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components. It supplies bearing rings and automotive components to over 60 customers in 17 countries primarily located in India, USA, and Thailand and European countries.