Rolex Rings IPO opens today with a price band of ₹880-900

• Rolex Rings IPO opens Wednesday and closes on July 30, Friday.
• The company is looking to raise ₹731 crore through the public listing with a price band of ₹880-900.
• The Rajkot-based company is a manufacturer and global supplier of forged and machined components. The firm has 3 manufacturing plants in Rajkot.

With several initial public offering (IPO) announcements coming almost every day, there are two ongoing IPOs this week, one of automotive components manufacturer Rolex Rings that opens Wednesday and Glenmark Pharmaceuticals’ subsidiary Glenmark Life Sciences, which started on July 27 and ends on July 29.

Rolex Rings IPO opens on July 28 and closes on July 30 with a price band of ₹880-900.

The Rajkot-based company is a manufacturer and global supplier of forged and machined components. The firm has 3 manufacturing plants in Rajkot.

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.

The company will utilise the net proceeds of the IPO towards funding long-term working capital requirements and for general corporate purposes.

Here are the important details to note:

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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