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Rolex Rings IPO: Opens today; key details an investor should know before investing
Rolex Rings IPO
The Initial Public Offering (IPO) of Rolex Rings will hit the market today, i.e., on Wednesday, July 28, 2021. The issue closes on July 30, 2021.
The Initial Public Offering (IPO) of Rolex Rings will hit the market today, i.e., on Wednesday, July 28, 2021. The issue closes on July 30, 2021.
The company has set the price band for the issue in Rs 880-900 range. Investors can bid for a minimum of 16 equity shares and in multiples of 16 thereafter. Up to 50 per cent of the offer is reserved for qualified institutional buyers, 35 per cent for retail investors, and the remaining 15 for non-institutional investors.
The company seeks to raise Rs 731 crore through the public issue. It will utilise net proceeds from fresh issue for working capital requirements.
On the block is a fresh issue of shares aggregating up to Rs 56 crore and an offer for sale of up to 7,500,000 shares.
The finalisation of the basis of allotment is likely by August 4 while refunds are likely to be initiated on August 5, 2021. The credit of shares to investors are likely by August 6, 2021, and listing by August 9, 2021.
Besides, Rolex Rings, one of the top five forging companies in India, has raised Rs 219 crore from 26 anchor investors on July 27, ahead of IPO opening. The company has allocated 24.4 lakh shares to anchor investors at Rs 900 per share. The anchor investors include HDFC Fund, ICICI Prudential Fund, SBI Fund, Axis Mutual Fund and Aditya Birla Sun Life among others.
Based in Rajkot (Gujarat) India, Rolex Rings is among the leading manufacturers of forged and machined components in India. It is an ace development partner manufacturing high-quality, world-class, customized automotive components as well as bearing rings for a huge base of clientele spread across the globe. Having expertise in precision engineering of various Forging and machining over a period of 4 decades.
Rolex has garnered a wealth of expertise in manufacturing transmission components, engine components, chassis components, exhaust system components and bearing rings.
Currently, Rolex has 22 forging lines with a combined installed capacity of 1,44,750 MTPA. Its machining facilities consist of 528 spindles with a combined installed capacity of 69 million parts per annum.
