Rolex Rings Files IPO Papers with SEBI

Rolex Rings, an auto components maker, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (SEBI) to launch an initial public offering.

Rolex Rings' market offering will consist of a fresh issue of shares worth Rs 70 crore and an offer for sale of up to 65 lakh shares by Rivendell PE (formerly known as NSR-PE Mauritius), according to the draft red herring prospectus filed with the market regulator. Currently, Rivendell holds a 45.51 per cent stake in Rolex Rings.

The auto component maker will use the IPO proceeds to fund its long-term working capital requirements and for general corporate purposes. The equity shares are likely to be listed on the BSE and NSE.

Rolex Rings based at Rajkot in Gujarat and is among the leading manufacturers of forged and machined components in the country. Equirus Capital Private Ltd, IDBI Capital Markets & Securities and JM Financial are the merchant bankers to the issue.

So far 16 companies have filed their draft papers for their respective IPOs this year. These firms have filed the draft papers as they also want to benefit themselves from the equity market that is seeing liquidity inflow in a large amount. Also, the equity market has seen a sharp increase in new retail investors in the last one year.

Besides, around 15 companies have already come out with their initial share sales so far in 2021 and Barbeque Nation will an addition to the list whose initial public offering (IPO) will open for subscription on Wednesday, March 24, 2021, in the price band of Rs 498-500 per equity share.