The initial public offer of auto parts maker Rolex Rings Ltd will open for subscription on July 28 (Wednesday). The last date to invest in this public offer is July 30. The company said in a virtual press conference that anchor investors can bid from July 27. Under this IPO of Rolex Rings, new shares worth Rs 56 crore will be issued. In addition, 75 lakh equity shares of Rivendell PE LLC will be sold through an offer for sale. If the upper price band is taken into account, the company will raise Rs 731 crore through this IPO.
Rolex Rings IPO Price Band
Rolex Rings Ltd said on Monday that the company has fixed a price band of Rs 880-900 per share for this IPO. In terms of lot size, a minimum of 16 shares has to be invested for this offer. Half of the total issue size is reserved for Qualified Institutional Buyers (QIBs). At the same time, 35 percent of shares have been reserved for retail investors and 15 percent for non-institutional investors.
Purpose of this IPO
The company has said that the proceeds of the issue will be used to meet the long-term working capital requirements of the company and for general corporate affairs. Simultaneously, the component maker of the automobile sector is expected to get the benefit of listing shares on the stock exchange. The company’s shares will be listed on BSE and NSE.
Know about Rolex Rings
Located in Rajkot, Gujarat, Rolex Rings is one of the leading manufacturers of forged and machined parts in the country. Rolex Rings had reported a net profit of Rs 86.95 crore for the financial year ended March 31, 2021. In the financial year 2020-21, the company had earned Rs 616.33 crore from operations. In the preceding financial year i.e. during 2019-20, the company had a net profit of Rs 52.94 crore. At the same time, there was an income of Rs 666 crore from operations in the same period.