Rolex Rings, based at Rajkot in Gujarat, is among top five forging companies in India.Rolex Rings' share sale via initial public offering (IPO) was oversubscribed by the end of the first day of bidding.
Rolex Rings IPO was subscribed 3.84 times by the end of the day 1 of the issue.
Rolex Rings received as many as 2.18 crore bids for 56.85 lakh shares on the offer.
A total of 1.6 crore bids were received at the cut off price, data from the National Stock Exchange.
Rolex Rings IPO was in high demand among the retail investors as portion reserved for them was subscribed 3.57 times.
Non-institutional investors and qualified institutional buyers showed lack of interest for Rolex Rings IPO on the first day of the issue.Rolex Rings' Rs 731 crore IPO consists of fresh issue of Rs 56 crore and an offer for sale of up to Rs 675 crore.
The company is selling shares in the price band of Rs 880-900 per share and retail investors can buy shares in minimum1 lot of 16 shares up to maximum of 13 lots.
At the upper end of the price band one lot of Rolex Rings IPO will cost Rs 14,400.A total of 35 per cent of the shares will be reserved for retail investors, 14 per cent for high-net worth individuals (HNIs) and the remaining 50 per cent for qualified institutional buyers (QIBs).The IPO proceeds will be used to fund the company's long-term working capital requirements and for general corporate purposes.Ahead of the IPO, Rolex Rings raised Rs 219 crore from anchor investors, including ICICI Prudential MF, Axis MF, HDFC Mutual Fund, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L-T MF and HDFC Life Insurance Company, at a price of Rs 900 per share.Equirus Capital, IDBI Capital Markets - Securities, and JM Financial are the merchant bankers to the share sale, while Link Intime India is the registrar to the issue.Rolex Rings, based at Rajkot in Gujarat, is among top five forging companies in India.
It is a manufacturer and global supplier of hot rolled forged and machined bearing rings and offers components for two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles and electric vehicles.Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka and Bhautik Dayashankar Madeka are the company's promoters.