Rolex Rings Listing: Rolex Rings gave investors 39% profit on the very first day, entering the market at a tremendous premium

Rolex Rings IPO was oversubscribed 130 times.

Rolex Rings Listing: Rolex Rings had a great opening in the market today and its shares gave investors 39 percent profit on the very first day. Today the trading of Rolex Rings shares against IPO price of Rs 900 per share started at Rs 1249 per share i.e. profit of Rs 349 per share. When the IPO of this automotive components manufacturer opened last month, it received an overwhelming response from investors. Its IPO was subscribed 130 times more. Under this IPO of Rs 731 crore, new equity shares worth Rs 56 crore have been issued while shares worth Rs 675 crore have been issued under Offer for Sale (OFS). At the time of listing, Rolex Rings had a market cap of Rs 3401 crore.

Check Rolex Rings Live Price Here

Prices were at 50% premium in gray market before listing

The company’s IPO was subscribed 130.44 times. After the tremendous subscription, the eyes of the market were on the listing of Rolex Rings. The price band of this IPO was kept at Rs 880-900. Its shares had reached a premium of over Rs 450 in the gray market last week before the listing. Considering the gray market premium of Rolex Rings, the possibility of it being listed at a premium was already visible. After the IPO, now the promoter’s stake in the company has been reduced to 57.64 per cent and the stake of retail investors has increased to 42.36 per cent.

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Increase in company’s profit in FY21

Rolex Rings, based in Rajkot, Gujarat, is a leading manufacturer of forged and machined components in the country. In the last financial year 2020-21, the company had a profit of Rs 86.95 crore, while in its last financial year 2019-20, the company had a profit of Rs 52.94 crore. However, its revenue declined. Its revenue through operations declined from Rs 666 crore in the financial year 2019-20 to Rs 616.36 crore in the financial year 2020-21. The funds raised through new shares will be used by the company to meet its long-term working capital requirements and will also be used for general corporate purposes.

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