Rolex Rings IPO gets subscribed 9.26 times on the second day of bidding

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Rolex Rings IPO gets subscribed 9.26 times on the second day of bidding
BCCL
  • Automotive components manufacturer Rolex Rings gets subscribed 9.26 times on July 29, the second day of the issue.
  • The portion reserved for retail investors saw good response on the second day as well as it was subscribed 15.89 times the issue size.
  • The company is looking to raise ₹731 crore with a price band of ₹880-900 per share.
The public issue of Rolex Rings continued receiving good response from retail investors on the second day of the initial public offering (IPO) bidding process. The portion reserved for retail investors saw good response as it was subscribed 15.89 times the issue size.

Overall, the issue was subscribed 9.26 times on the first day. The IPO has received bids for 5.2 crore equity shares against the IPO size of 56.85 lakh equity shares.

On the institutional side, shares reserved for qualified institutional buyers (QIB) continued to have tepid response as only 3.70 lakh shares received bids against 16.24 lakh shares.

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The IPO for Rolex Rings opened Wednesday, July 28 and will close on July 30 with a price band of ₹880-900.

Here are the important details to note:
Issue details
Price band₹880 to ₹900
IPO open dateJuly 28
IPO close dateJuly 30
Allotment dateAugust 4
Initiation of refundsAugust 5
Credit of shares to demat accountAugust 6
IPO listing dateAugust 9
Minimum lot16

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

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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.

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