Stocks

Rolex Rings public issuesubscribed over 130 times

Our Bureau Chennai | Updated on July 30, 2021

The IPO has received bids for 74.16 crore shares as against the 57 lakh on offer

The ₹731-crore initial public offering of Rolex Rings Ltd was subscribed 130.43 times on the last date of the issue, according to data available with the stock exchanges.

The IPO has received bids for 74.16 crore shares as against the 57 lakh on offer. The price band for the offer is ₹880-900 a share.

The portion reserved for retail investors was subscribed 24.48 times, while the quota for non-institutional investors was subscribed 360.11 times and those of qualified institutional buyers' by 143.58 times.

The IPO of automotive components manufacturer Rolex Rings comprises a fresh issue of shares worth ₹56 crore and an offer for sale of shares worth ₹675 crore by Rivendell PE LLC.

Ahead of the public issue, the company had garnered ₹219.3 crore from anchor investors at ₹900 a share.

Proceeds from the fresh issuance will be used towards funding long-term working capital requirements and for general corporate purposes.

Rolex Rings is one of the major forging companies in India in terms of installed capacity and 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, amongst other segments.

Published on July 30, 2021

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