Rolex Rings IPO: The price band of this IPO has been fixed at Rs.880-900. The company will raise Rs 731 crore through this IPO.
Rolex Rings IPO
The initial public offering (IPO) of auto component maker Rolex Rings Limited will open on July 28 and close on July 30. The anchor of the IPO will open for bidding for investors on July 27. The price band of this IPO has been fixed at Rs 880-900. The company will raise Rs 731 crore through this IPO.
The issue includes a fresh issue of Rs 56 crore and an offer for sale (OFS) of Rs 750 crore by Rivendell PE. Currently, Rivendell holds a 41 per cent stake in Rolex Rings. The company will use the money raised from this IPO to meet the long-term working capital requirements of the company and for the general corporate objectives of the company.
Price in gray market
According to Market Observers, the Gray Market Premium (GMP) of Rolex rings is around Rs 530. Gray market is an unofficial platform, in which trading starts after the announcement of IPO price band till the listing of IPO shares.
Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, JM Financial Limited have been appointed as Merchant Bankers for the issue. The equity shares of the company will be listed on the BSE as well as the National Stock Exchange (NSE).
Rolex Rings is a company based in Rajkot, Gujarat. Rolex Rings is one of the largest companies in the country in manufacturing these forged and machined components. The company supplies bearings and other automotive parts to India and other countries of the world. The company manufactures parts for sectors such as two-wheeler, passenger vehicle, commercial vehicle and off highway vehicle, electric vehicle, industrial machinery, wind termine, railway
The company’s profit stood at Rs 52.94 crore in the financial year ended March 31, 2020. The company’s profit in the last fiscal was Rs 59.04 crore. On a year-on-year basis, the company’s revenue from operations stood at Rs 666 crore as against Rs 904.32 crore.
IPO of this company will open tomorrow
Apart from this, the IPO of Glenmark Life Sciences Limited will open for subscription on Tuesday i.e. July 27 and it will close on July 29. The price band of this issue has been fixed at Rs 695-720 per share. The company’s shares are expected to be listed on the stock exchange on 6 August.
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