Rolex Rings IPO opens on July 28; sets the price range at Rs 880-900
Auto component maker Rolex Rings Ltd said on Monday it had set a price range of Rs 880-900 per share for its initial sale of Rs 731 crore shares.
The three-day initial public offering (IPO) will open on July 28 and end on July 30. The tender for lead investors will open on July 27, the company said at a virtual press conference.
The IPO of Rolex Rings includes a new issue of shares worth Rs 56 crore and an offer to sell up to 75 lakh of shares by Rivendell PE LLC (formerly NSR-PE Mauritius LLC).
At the higher end of the price range, the IPO will hit Rs 731 crore.
The proceeds from the new issue would be used to fund long-term working capital requirements as well as general corporate objectives.
In addition, the auto component maker expects to reap the benefits of listing stocks on the stock exchange, building its branding among existing and potential customers, and creating a public market for its shares in India.
Based in Rajkot, Gujarat, Rolex Rings is one of the leading manufacturers of forged and machined components in the country. For the fiscal year ended March 31, 2021, Rolex Rings recorded a profit of Rs 86.95 crore compared to Rs 52.94 crore in the previous fiscal year. Its operating income amounted to Rs 616.36 crore in 2020-21 against Rs 666 crore the previous year.
Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited and JM Financial Limited are primarily responsible for the problem. The company’s shares will be listed on the BSE and the NSE.
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