Rolex Rings IPO: The IPO of auto components maker Rolex Rings will open for subscription tomorrow, July 28. The company has given information about the price band fixed for this on Monday. According to the information, for this initial public offer (IPO) of 731 crores, the company has fixed a price band of Rs 880-900. This IPO will be open for subscription for three days i.e. till July 30. The issue will open today, July 27, for bidding by anchor investors. After the success of the IPO, its equity shares will be listed on BSE and NSE.
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Issue of new shares worth Rs 56 crore
The IPO of Rolex Rings will see issue of new shares worth Rs 56 crore while shares worth Rs 675 crore will be issued by Rivendell PE LLC (formerly NSR-PE Mauritius LLC) under Offer for Sale (OFS). 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. Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited and JM Financial Limited are the Book Running Lead Managers for this issue.
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Profit increased but revenue declined
Located in Rajkot, Gujarat, this Rolex Rings 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.