Another IPO in July: Rolex Rings to raise ₹731 crore through public listing
- Rolex Rings, a manufacturer and global supplier of hot rolled, forged and machined bearing rings, and automotive components for segments of vehicles is coming with initial public offering (IPO).
- The company is looking to raise ₹731 crore through public listing from July 28 to July 30.
- It has set a price band of ₹880-900 for the issue.
The Rajkot-based company is a manufacturer and global supplier of forged and machined components. The firm has 3 manufacturing plants in Rajkot.
The bidding will start on July 28 and close on July 30 with a price band of ₹880 to ₹900 per share. The offer comprises a fresh issue of ₹56 crore and an offer for sale by private equity firm Rivendell PE of up to 75 lakh equity shares.
AdvertisementHere are the important details to note:
Source: Company release and media reports
|Price band||₹880 to ₹900|
|IPO open date||July 28|
|IPO close date||July 30|
|Allotment date||August 4|
|Initiation of refunds||August 5|
|Credit of shares to demat account||August 6|
|IPO listing date||August 9|
The company will utilise the net proceeds of the IPO towards funding long-term working capital requirements and for general corporate purposes.
Source: Red Herring Prospectus
|Profit||₹86 crore||₹52 crore||₹59 crore|
|Revenue||₹619 crore||₹675 crore||₹911 crore|
In FY20, the company supplied bearing rings and automotive components to over 60 customers in 17 countries, primarily located in India, US and in European countries such as Germany, France, Italy, and Czech Republic, and Thailand.
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