IPO
Autocomp maker Rolex Rings raises Rs.219-Cr from anchor investors
Rajkot, Gujarat-based auto-components maker Rolex Rings has raised a little over INR 219 crore from anchor investors ahead of its initial share sale. The company has decided to allocate 24,36,666 equity shares to anchor investors at INR 900 per share, taking the transaction size to INR 219.29 crore. HDFC Mutual Fund (MF), ICICI Prudential MF, Axis MF, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L&T MF and HDFC Life Insurance Company are among the anchor investors. Rolex Rings' IPO comprises a fresh issue of shares worth INR 56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC (formerly NSR-PE Mauritius LLC). The issue, with a price band of INR 880-900 per share, will fetch INR 731 crore at the upper end. The proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. Equirus Capital, IDBI Capital Markets and JM Financial are the book running lead managers to the issue.
From the Venture Intelligence PE-VC Deal Database: In Sep-07, Rolex Rings raised $40-M from New Silk Route. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)
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