• Shares of Rolex Rings list at ₹1,249 while the shares were allotted at ₹900 per share.
• The IPO was subscribed 130.44 times on the last day of the bidding.
• The market capitalisation of the company stood at ₹3,263 crore.

Shares of Rolex Rings made a strong listing on the National Stock Exchange (NSE) and BSE at over 38% premium over the issue price of ₹900 apiece.

Post listing, the market capitalisation of the company stood at ₹3,263 crore ($439 million), according to BSE data.

The shares of Rolex Rings were trading at ₹1,192, higher by 32% at 10.02 a.m., on August 9. The grey market showed a strong listing for Rolex Rings a day prior to the listing with a 40-45% premium.

Moreover, the IPO ⁠— open between July 28 and July 30 ⁠— was a hit among investors. It was subscribed 130.44 times on the last day of the bidding. The IPO has received bids for 74.1 crore equity shares against the IPO size of 56.85 lakh equity shares.

The Rajkot-based company is a manufacturer and global supplier of forged and machined components for automobile makers. The offer from the company consisted of a fresh issue of ₹56 crore and an offer for sale (OFS) by private equity firm Rivendell PE of up to 75 lakh equity shares.

The company will use the IPO proceeds to fund its long-term working capital requirements and for general corporate purposes.

SEE ALSO: CarTrade IPO ⁠— the share sale by this profitable tech startup gets a unanimous call for ‘subscribe’

FreshtoHome and BlueStone-backer Iron Pillar is planning to bring assets worth $1 billion under management