Rolex Rings IPO GMP today is ₹550 that means the automotive component maker company has been able to hold its ground in the grey market
Rolex Rings IPO: After receiving robust 130.44 times subscription against its initial public offer, all eyes are now set on the Rolex Rings IPO allotment date, which is expected to take place on 4th August 2021. However, the grey market has already started signaling strong listing of the public issue as Rolex rings IPO GMP today is ₹550 that means the automotive component maker company has been able to hold its ground in the grey market. Rolex Rings IPO grey market premium on yesterday was ₹555. According to market observers, bidding for the public issue is over and now share price of the company being steady in the grey market indicates that it will have strong listing.
The market observers are of the opinion that Rolex Rings IPO GMP has been rising since its subscription got opened on 28th July 2021. They said that its premium has soared from ₹400 levels to ₹550 levels in the grey market in last one week that simply means strong listing of the public issue on 9th August 2021. They went on to add that in the last four days, Rolex Rings IPO GMP has been oscillating between ₹450 levels to ₹555 mark that means market is expecting listing gains from the public issue somewhere around 50 to 60 per cent.
What Rolex Rings IPO GMP means
On what GMP means for an IPO, market observers maintained that GMP is a short-term indicator about the expected listing gain from the public issue. But, it's unofficial and it keeps on changing from day to day basis. They said that today Rolex Rings IPO GMP is ₹550 that means market is expecting Rolex Rings IPO listing at around ₹1450 ( ₹900 + ₹550) — around 60 per cent higher from its issue price of ₹880 to ₹900.
Asked about fundamentals in regard to Rolex rings IPO; Abhay Doshi, Founder at UnlistedArena.com said, "At the price of ₹900 the asking PE comes at the multiple of 24 for Rolex Rings IPO. High sentiment in primary markets may emanate in listing gains but for long term it would be worthy to watch for future performance and take any decision."
On what augurs strong listing of the public issue Abhay Doshi's views; Saurabh Joshi, Research Analyst at Marwadi Shares and Finance said, "Rolex Rings is one of the leading forging manufacturers with a geographically diversified revenue base and is available at reasonable valuation as compared to its peers."