The initial public offering (IPO) of auto components maker Rolex Rings, which opened for subscription on July 28th and closed on July 30th, reflected the massive response from investors and was subscribed 130.44 times on the last day of the bid. The company’s price range was set at ₹880-900 per share.
The allotment of Rolex Rings IPO shares is expected to close today. Bidders can check their allocation status online by logging in here on the BSE website or here on the official registrar Link Intime India Private Ltd website.
Prior to the stock allocation, Rolex Rings stocks are at a heavy premium (GMP) of. available ₹432 on the gray market. The shares are expected to be listed on the BSE and NSE next week on August 9th.
That ₹731-crore IPO received offers for 74.16.00.096 shares against 56.85.556 shares offered. The qualified institutional buyers (QIBs) category was drawn 143.58 times, non-institutional investors 360.11 times and private retail investors (RIIs) 24.49 times. It had accumulated ₹219 crore from anchor investors prior to going public.
The edition included a reissue of up to ₹56 crore and an offer to sell up to 75 lakh shares. Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited and JM Financial Limited were the administrators of the offering.
Many brokerage firms had recommended subscribing to the issue because the company is one of the leading forging manufacturers with a geographically diversified sales base and is reasonably priced compared to its competitors.
Based in Gujarat, Rolex Rings is one of the top five forging companies in India by installed capacity and a manufacturer and global supplier of hot rolled and machined bearing rings and automotive components. It supplies bearing rings and automotive components to over 60 customers in 17 countries, mainly in India, the USA, Thailand and European countries.
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