Rolex Rings IPO is trading at a premium of 50% in the gray market, indicating a great listing

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Rolex Rings IPO is trading at a premium of 50% in the gray market, indicating a great listing

Rolex Rings can have a strong listing in the stock market.

After the share allotment under Rolex Rings IPO, now all eyes are on its listing. It will be listed in the stock market on August 9. This public issue has been subscribed 133.40 times and it is expected that the listing of the shares of this auto component company in the stock market will be very good. Even in the gray market, its prices are indicating its strong listing. The company’s shares are trading at a premium of above Rs 450 in the gray market. That is, its gray market trading price is visible at Rs 1,350, which is much higher than the issue price of Rs 900.

The company’s IPO was subscribed 130.44 times

The company’s IPO was subscribed 130.44 times. The company has raised Rs 731 crore from the issue. After tremendous subscription, the eyes of the market are now on the listing of Rolex Rings. The price band of this IPO has been kept at Rs 880-900. The company had issued new shares worth 56 crores. At the same time, 75 lakh equity shares were sold under the offer for (OFS). Equirus Capital Pvt Ltd, IDBI Capital Markets & Securities Ltd and JM Financial Ltd were the book running lead managers to the issue. IPO market watchers say that Rolex Rings is likely to be listed at a premium given the gray market premium of the issue. is visible. By the way, the mood of the primary market also depends on the secondary market. Analysts say that the listing of many IPOs has been quite strong in the recent past.

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Increase in company profit

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.

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