Stocks

Rolex Rings IPO to open on July 28; sets price band at ₹880-900

PTI New Delhi | Updated on July 26, 2021

The three-day initial public offer (IPO) will open on July 28 and conclude on July 30

Auto-components maker Rolex Rings on Monday said it has fixed a price band of ₹880-900 a share for its ₹731-crore initial share sale.

The three-day initial public offer (IPO) will open on July 28 and conclude on July 30. The bidding for anchor investors will open on July 27, the company announced in a virtual press conference.

Rolex Rings’ IPO comprises a fresh issue of shares worth ₹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).

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

Fund usage

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. For the fiscal-ended March 31, 2021, Rolex Rings reported a profit of ₹86.95 crore as compared to ₹52.94 crore in the preceding fiscal.

Its revenues from operations stood at ₹616.36 crore in 2020-21 as against ₹666 crore in the preceding financial year.

Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Published on July 26, 2021

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