July 28, 2021 11:11:51 am
Rolex Rings IPO: The initial public offering (IPO) of auto-components manufacturer Rolex Rings will open for subscription on Wednesday, July 28, 2021, at a price band of Rs 880-900 per share of the face value of Rs 10 each. The offer will be available till Friday, July 30, 2021.
The Rajkot-based company is among the leading manufacturers of forged and machined components in the country.
Through the offer, Rolex Rings aims to raise Rs 731 crore with the help of a fresh issue of equity shares worth Rs 56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC).
Half of the issue size has been reserved for qualified institutional buyers (QIBs), 35 per cent for retail investors, and the remaining 15 per cent for non-institutional investors.
The proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. In addition to this, Rolex Rings 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.
Investors who wish to subscribe to the Rolex Rings IPO can bid in a lot of 16 equity shares and multiples thereafter. At the upper price band, they will be shelling out Rs 14,400 to get a single lot of Rolex Rings. The shares will be listed on both BSE as well as the National Stock Exchange (NSE).
The applicants also must note that the cut-off time for UPI mandate confirmation is Monday, August 2, 2021, upto 12:00 pm. If they fail to do so then their application may not be considered.
Equirus Capital, IDBI Capital Markets & Securities and JM Financial are the book running lead managers to the IPO while Link Intime India is the registrar of the issue.
Before heading into the IPO, Rolex Rings raised over Rs 219 crore (Rs 2,19,29,99,400) from 26 anchor investors in lieu of 24,36,666 equity shares at Rs 900 each, data from the stock exchanges showed.
The anchor investors include the likes of HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L&T MF and HDFC Life Insurance Company among others.
The share allotment is likely to take place on August 4, 2021, and the shares are expected to be listed on August 9, 2021, according to the timeline given in the red herring prospectus (RHP).
📣 The Indian Express is now on Telegram. Click here to join our channel (@indianexpress) and stay updated with the latest headlines
- The Indian Express website has been rated GREEN for its credibility and trustworthiness by Newsguard, a global service that rates news sources for their journalistic standards.