scorecardRolex Rings IPO investors make 38% at listing ⁠— the auto components maker is now worth nearly half a billion dollars
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Rolex Rings IPO investors make 38% at listing ⁠— the auto components maker is now worth nearly half a billion dollars

Rolex Rings IPO investors make 38% at listing ⁠— the auto components maker is now worth nearly half a billion dollars
Stock Market2 min read
  • 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.

Other listed top auto parts makers

Market capitalisation

Motherson Sumi

₹73,496 crore

Bharat Forge

₹36,525 crore

Sona BLW Precision Forgings

₹25,693 crore

Mahindra CIE Automotive

₹10,228 crore

Ramkrishna Forgings

₹3,053

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.

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