Rolex Rings IPO: What GMP signals and how to check share allotment status1 min read . Updated: 05 Aug 2021, 12:52 PM IST
- Rolex Rings IPO share allotment to be finalized today: Here's how you can check your application status online
Mirroring massive investors' response, auto components maker Rolex Rings initial public offer (IPO), that had opened for subscription on July 28 and closed on July 30, was subscribed 130.44 times on its final day of the bidding. The company's price band was fixed at ₹880-900 per share.
Rolex Rings IPO share allotment has been finalized today. 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.
Ahead of its share allotment, Rolex Rings shares are available at a strong premium (GMP) of around ₹470 in the grey market. The shares are expected to list on the BSE and NSE next week on August 9.
The ₹731-crore IPO received bids for 74,16,00,096 shares against 56,85,556 shares on offer. The qualified institutional buyers (QIBs) category was subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times. It had garnered around ₹219 crore from anchor investors ahead of its IPO.
The issue comprised a fresh issue of up to ₹56 crore and an offer for the sale of up to 75 lakh equity shares. Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited were the managers of the offer.
Many brokerages had recommended Subscribe rating to the issue as the company is one of the leading forging manufacturers with a geographically diversified revenue base and is available at reasonable valuation as compared to its peers.
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.
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