Rolex Rings' 731 crore IPO opens today: Key things to know

The three-day IPO will conclude on July 30. The bids can be made in for minimum of 16 shares and then in the multiples of same number.
Through the IPO process, Rolex Rings is expecting enhancement of its brand name.(Pic courtesy: rolexrings.com)
Through the IPO process, Rolex Rings is expecting enhancement of its brand name.(Pic courtesy: rolexrings.com)
Published on Jul 28, 2021 05:25 AM IST
Copy Link
By hindustantimes.com | Edited by Amit Chaturvedi, Hindustan Times, New Delhi

The initial public offering (IPO) of auto components maker Rolex Rings Limited will open on Wednesday. The three-day IPO will conclude on July 30. The company said it has fixed a price band of 880-900 a share for its 731-crore initial share sale.

The IPO of Rolex Rings 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 (formerly known as NSR-PE Mauritius LLC).

Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.

The bids can be made in for minimum of 16 shares and then in the multiples of same number. Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited are the book running lead managers to the issue.

The bidding for anchor investors was opened on July 27. The company said it collected a little over 219 crore from these investors on Tuesday.

Rolex Rings said in a Bombay Stock Exchange (BSE) filing that it will allocate 24,36,666 equity shares to anchor investors at 900 per share, taking the transaction size to 219.29 crore.

The anchor investors include HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L&T MF and HDFC Life Insurance Company.

Through the IPO process, Rolex Rings is expecting to receive the benefits of listing the equity shares on the stock exchanges, enhancement of its brand name and the creation of a public market for its equity shares in India. The listing is expected to take place on August 9

Half of the IPO size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors and the remaining 15 per cent for non-institutional investors.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

For the fiscal ended March 31, 2021, Rolex Rings reported a profit of 86.95 crore as compared to 52.94 crore in the preceding fiscal. The company's revenues from operations stood at 616.33 crore in 2020-21 as against 666 crore in the preceding financial year.

SHARE THIS ARTICLE ON
Close Story
SHARE
Story Saved
OPEN APP
×
Saved Articles
My Reads
Sign out
New Delhi 0C
Wednesday, October 20, 2021