Robust listing: Rolex Rings opens at Rs 1,250, a premium of 38.78%
On the BSE, Rolex Rings opened at Rs 1,249, at a premium of 38.78% or Rs 349 over its issue price of Rs 900 per share
The auto ancillary unit Rolex Rings made a robust debut on the stock exchanges on 9 August. Shares of the auto component manufacturer opened at Rs 1,250 per share on the National Stock Exchange, implying a premium of 38.78% or Rs 350 from the issue price of Rs 900 per share. On the BSE, the stock opened at Rs 1,249, at a premium of 38.78%.
The Rs 731-crore IPO (initial public offer) of the company got subscribed 130.44 times on the closing day of the subscription on July 30. for 74,16,00,096 shares against 56,85,556 shares on offer, as per data available with NSE. The quota reserved for qualified institutional buyers got subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times.
The IPO comprised fresh issuance of equity shares of Rs 56 crore, and an OFS (offer for sale) of Rs 675 crore by Rivendell PE LLC.
The forging company will utilise the net proceeds from fresh issue for funding long-term working capital requirements and general corporate purposes.
Rolex Rings is among the top five forging companies in India. The company manufactures hot rolled forged & machine bearing rings and automotive components that are used across segments. The company supplies its products on both the domestic as well as international ground to automotive companies and leading bearing manufacturers such as SRF India, Schaeffler India, Timken India, etc.
The firm has 3 manufacturing plants in Rajkot with 22 forging lines with an aggregated installed capacity of 1,44,750 MTPA.