Rolex Rings' IPO Is Fifth-Most Subscribed Issue Of 2021 So Far

The Rs 731-crore initial public offering of Rolex Rings Ltd. became the fifth-most subscribed issue so far this year.

The offer was subscribed 130.44 times on the final day.

The Rajkot-based bearings maker sold 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 comprised 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 had raised Rs 219.29 crore by allocating 24.36 lakh shares to anchor investors at Rs 900 apiece.

Subscription Details: Day 3

The IPO was subscribed 130.44 times as of 5:00 p.m. on July 30.

• Institutional subscription: 143.58 times

• Non-institutional subscription: 360.11 times

• Retail subscription: 24.49 times

Research Reports On Rolex Rings IPO

• KRChoksey's Investment Rationale

• 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: