The Rs 731-crore initial public offering of Rolex Rings Ltd. was subscribed nearly four times on its first day, led by demand from retail investors.
While the portion reserved for retail investors saw over seven times more demand than the shares on offer, institutional counterparts stayed away from the IPO so far.
The Rajkot-based bearings maker is selling shares at Rs 880-900 apiece. The company is d at Rs 2,950 crore at the upper end of the price band. The IPO comprises a fresh issue worth Rs 56 crore and a Rs 675-crore offer-for-sale by private equity firm Rivendell PE LLC.
Rolex Rings plans to use Rs 45 crore from the fresh issue to augment its long-term working capital requirement.
Prior to the IPO, it has raised Rs 219.29 crore by allocating 24.36 lakh shares to anchor investors at Rs 900 apiece.
The IPO will close on July 30.
Also Read: Rolex Rings IPO: All You Need To Know
Subscription Details: Day 1
The IPO was subscribed 3.84 times as of 5:00 p.m. on July 28.
Institutional subscription: 0.00 times
Non-institutional subscription: 1.34 times
Retail subscription: 7.11 times
Research Reports On Rolex Rings IPO
Positives, Investment Concerns, Outlook, Valuations: Angel Broking
Strong Outlook, Healthy Balance Sheet Offer Comfort: Reliance Securities
Watch | IPO Adda with Rolex Rings' Chairman Manesh Dayashankar Madeka:
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