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Rolex Rings IPO: What GMP signaling on last date of subscription

Rolex Rings IPO grey market premium has jumped from  ₹450 levels to  ₹555 in the last three days that means market is expecting listing gains from the IPO to the tune of near 50 to 60 per cent, say market observers. Photo: Courtesy company websitePremium
Rolex Rings IPO grey market premium has jumped from 450 levels to 555 in the last three days that means market is expecting listing gains from the IPO to the tune of near 50 to 60 per cent, say market observers. Photo: Courtesy company website

  • Rolex Rings IPO GMP today is 555, which is 55 up from its yesterday's grey market share price

Rolex Rings IPO: 731 crore public issue of Rolex Rings got subscribed 9.26 times by first two days of bidding and there is still one full day left for bidders to apply for the initial public offer. Keeping an eye on the overwhelming response from the bidders, grey market is also giving positive response to the Rolex Rings shares. According to market observers, Rolex Rings IPO GMP today is 555, which is 55 up from its yesterday's grey market share price.

The market observers said that Rolex Rings IPO grey market price has been rising since its subscription got opened on 28th July 2021. They said that in the last three days, Rolex Rings IPO grey market premium has jumped from 450 levels to 555 that means market is expecting listing gains from the IPO to the tune of near 50 to 60 per cent. They went on to add that today is the last date of bidding for Rolex Rings IPO and those who were in wait and watch, may come forward to bid for the IPO as the stock has remained strong in the grey market on first two days of bidding.

What rise in Rolex Rings IPO GMP means

As per the market observers, Rolex Rings IPO grey market premium today is 555, which is 55 higher from its share price in the grey market on Thursday. They said that in the last three days, Rolex Rings IPO GMP has been rising that means market is bullish about the public issue. They said that 555 GMP of Rolex Rings IPO simply means market is expecting Rolex Rings IPO listing at 1455 ( 900 + 555) — means expected listing premium in the grey market for the IPO is around 60 per cent.

So, those bidders who look at the grey market premium before going into the financials of the company may get attracted by this Rolex Rings GMP. Hence, surprising response from the bidders is expected as subscription is open for today only, said market observers.

Speaking on the financials in regard to Rolex rings IPO; Abhay Doshi, Founder at UnlistedArena.com said, "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.

At the price of 900 the asking PE comes at the multiple of 24. 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."

Standing in sync with Abhay Doshi's views; Saurabh Joshi, Research Analyst at Marwadi Shares and Finance said, "We assign a subscribe (With Caution) rating to this IPO 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 IPO details

- Rolex Rings IPO price band is 880 to 900;

- Tentative date for Rolex Rings IPO allotment is 4th August 2021;

- Tentative date for Rolex Rings IPO listing is 9th August 2021; and

- A bidder will have to apply for this book build issue in lots and one lot of Rolex Rings IPO will comprise 16 company shares.

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