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IPO

Autocomp maker Rolex Rings' Rs.731-Cr IPO oversubscribed 130 times

Rediff  

The initial public offer of Rolex Rings was subscribed 130 times on Friday, the concluding day of the offer. The institutional portion was subscribed 143 times, the wealthy investor portion by 360 times and the retail investor portion by 24.5 times. The INR 731-crore IPO generated bids worth INR 66,744 crore. Rolex Rings had priced its initial public offer (IPO) between INR 880-900 per share. The offer comprised a fresh issue of INR 56 crore and an offer for sale of shares worth INR 675 crore. The firm will have a market cap of INR 2,451 crore at the upper end of the price band. Post IPO, the promoter holding in the company will decline from 59% to 57.64 %. The company manufactures hot rolled forged and machined bearing rings, and automotive components for two-wheelers, passenger vehicles and commercial vehicles. Equirus Capital, IDBI Capital Markets and JM Financial were the book running lead managers to the offer.