Rolex Rings IPO allotment will be finalised on August 4. The public offer had received 130.44 times subscription. The Rs 731-crore IPO received bids for 74,16,00,096 shares against 56,85,556 shares on offer.
Rolex Rings IPO comprised a fresh issue of up to Rs 56 crore and an offer for the sale of up to 75 lakh equity shares. The qualified institutional buyers (QIBs) category was subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times.
Rolex Rings IPO offer was in a price range of Rs 880-900 a share. The issue was fully subscribed within hours of opening.
The grey market of Rolex Rings is signaling a strong listing of the public issue. Rolex Rings IPO GMP today is Rs 550. Rolex Rings shares will be listed on BSE and NSE on August 9.
Rolex Rings is an automotive component maker company. Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.
The company said that proceeds from the fresh issue will be used towards funding long-term working capital requirements as well as general corporate purposes.
Rolex Rings expects to receive the benefits of listing the equity shares on the stock exchanges like enhancement of its brand name among existing and potential customers, and the creation of a public market for its equity shares in India.