Rolex Rings IPO Opens Today. Here's All You Need To Know
Rolex Rings IPO: The auto components maker has fixed price band at Rs 880-900 per share
Rolex Rings' Rs 731 crore initial public offering (IPO) opens for bidding today i.e. July 28 and will close on July 30. The IPO will consist of a fresh issue of Rs 56 crore and an offer for sale of up to 675 crore. The auto components maker has fixed the price band of the IPO at Rs 880-900 per share. The shares are likely to be listed on the bourses on August 9.
A total of 35 per cent of the shares will be reserved for retail investors, 14 per cent for high-networth individuals (HNIs) and the remaining 50 per cent for qualified institutional buyers (QIBs). Investors can bid for a minimum one lot of 16 shares and in multiples thereafter, extending up to 13 lots.
The IPO proceeds will be used to fund the company's long-term working capital requirements and for general corporate purposes.
Ahead of the IPO, Rolex Rings garnered Rs 219 crore from anchor investors, including HDFC Mutual Fund, ICICI Prudential MF, Axis MF, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L&T MF and HDFC Life Insurance Company, at a price of Rs 900 per share.
Rolex Rings, based at Rajkot in Gujarat, is among top five forging companies in India. It is a manufacturer and global supplier of hot rolled forged and machined bearing rings and offers components for two-wheelers, passengervehicles, commercial vehicles, off-highway vehicles and electric vehicles.
Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka and Bhautik Dayashankar Madeka are the company's promoters.
Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the merchant bankers to the share sale, while Link Intime India is the registrar to the issue.