Rolex Rings IPO subscribed 130.44 times on last day

Mirroring massive investor response, auto components maker Rolex Rings initial public offer was subscribed 130.44 times on the last day of subscription on Friday.

The Rs 731-crore IPO received bids for 74,16,00,096 shares against 56,85,556 shares on offer, as per data available with NSE.

The qualified institutional buyers (QIBs) category was subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times.

The initial public offer (IPO) comprised a fresh issue of up to Rs 56 crore and an offer for the sale of up to 75 lakh equity shares.

The offer was in a price range of Rs 880-900 a share.

Rolex Rings initial public offer was fully subscribed within hours of opening on Wednesday.

The company on Tuesday garnered a little over Rs 219 crore from anchor investors.

Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.

In addition, the auto component maker expects to receive the benefits of listing the equity shares on the stock exchanges like enhancement of its brand name among existing and potential customers, and the creation of a public market for its equity shares in India.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited were the managers of the offer.

The equity shares of the company will be listed on BSE and NSE.