Rolex Rings IPO subscribed over 74 times so far on last day of subscription

The initial public offer of auto components maker Rolex Rings was subscribed 74.48 times so far on the last day of the bidding process on Friday. The IPO received bids for 42,34,82,512 shares till 2.25 pm (IST) against 56,85,556 shares offered by the company. The category meant for qualified institutional buyers(QIBs) was subscribed 83.31 times, while those for non-institutional investors 387 times and retail individual investors (RIIs) 32 times.

The public offer comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares. The company has fixed a price band of Rs 880-900 per share.

Earlier, the IPO got fully subscribed within hours of opening on July 28. The company on July 27 garnered a little over Rs 219 crore from anchor investors.

At the upper end of the price band, the IPO will fetch Rs 731 crore.

Details

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

In addition, the auto component maker expects to receive the benefits of listing the equity shares on the stock exchanges, enhancement of its brand name among existing and potential customers, and the creation of a public market for its equity shares in India.

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

Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited are the managers of the offer.

The equity shares of the company will be listed on BSE and NSE.