Rolex Rings announces price band for ₹731 crore IPO from July 28

Rolex Rings IPO comprises a fresh issue of shares worth ₹56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC.

Rolex Rings Ltd said on Monday it has fixed a price band of ₹880-900 a share for its ₹731-crore initial share sale. Rolex Rings IPO will open on July 28 and conclude on July 30 and the company said that the bidding for anchor investors will open on July 27.

Rolex Rings IPO will open on July 28 and conclude on July 30, the company has said. (Representative Photo)

Rolex Rings IPO comprises a fresh issue of shares worth ₹56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC, which was formerly known as NSR-PE Mauritius LLC. At the upper end of the price band, the IPO will fetch ₹731 crore.

The Rajkot-based company has said it will use proceeds from the fresh issue towards funding long-term working capital requirements as well as general corporate purposes. The auto component maker also expects to receive the benefits of listing the equity shares on the stock exchanges, enhancing its brand name among existing and potential customers and creating a public market for its equity shares in India.

Rolex Rings reported a profit of ₹86.95 crore for the fiscal ended March 31, 2021, as compared to ₹52.94 crore in the preceding fiscal. Its revenues from operations stood at ₹616.36 crore in 2020-21 as against ₹666 crore in the preceding financial year.

The book running lead managers to the issue are Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited.

Rolex Rings is among the leading manufacturers of forged and machined components in the country.