Rolex Rings IPO subscribed 130.44 times on the last day of subscription
- The Initial Public Offering (IPO) of Rolex Rings was subscribed 130.44 times on the last day of subscription on Friday, July 30, 2021.
- The Rs 731-crore IPO received bids for 23,32,35,472 shares against 16,24,444 shares on offer, according to the NSE data.
The Initial Public Offering (IPO) of Rolex Rings was subscribed 130.44 times on the last day of subscription on Friday, July 30, 2021. The Rs 731-crore IPO received bids for 23,32,35,472 shares against 16,24,444 shares on offer, according to the NSE data.
Qualified Institutional Buyers (QIBs) portion received 143.58 times subscription, non-institutional investors a whopping 360.11 times and retail individual investors (RIIs) 24.49 times. Up to 50 per cent of the offer was reserved for qualified institutional buyers, 35 per cent for retail investors, and the remaining 15 for non-institutional investors.
Subscription of the public issue of the leading manufacturers of forged and machined components in India started on Wednesday, July 28, 2021. It will utilise net proceeds from fresh issue for working capital requirements.
Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book-running lead managers to the offer.
The finalisation of the basis of allotment is likely by August 4, 2021, while refunds are likely to be initiated on August 5, 2021. The credit of shares to investors are likely by August 6, 2021. It will be listed by August 9, 2021.
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 anchor investors include HDFC Fund, ICICI Prudential Fund, SBI Fund, Axis Mutual Fund and Aditya Birla Sun Life among others.
Based in Rajkot, Gujarat, Rolex Rings is one of the top five forging companies in India. It is a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components for segments of vehicles, including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles), industrial machinery, wind turbines and railways, among other segments.
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.
The equity shares of the company will be listed on BSE and NSE.