INSUBCONTINENT EXCLUSIVE:
Rolex Rings received 74.16 crore bids for a little over 56.85 lakh shares on the offer.Rolex Rings shares made a stellar stock market debut
Rolex Rings shares opened for trading at Rs 1,250, up 39 per cent from issue price of Rs 900 per share
The stock rose as much as 40 per cent to hit an intraday high of Rs 1,263 per share
Rolex Rings shares were in very high demand during the three-day share sale via initial public offering which ended July 30
The country's 28th IPO of the year was subscribed 130.44 times.Rolex Rings received 74.16 crore bids for a little over 56.85 lakh shares
A total of 5.47 crore bids were received at the cut-off price
Rolex Rings IPO received stupendous response from non-institutional investors as the portion reserved for them was subscribed 294.18
times.Rolex Rings' Rs 731 crore IPO consisted of fresh issue of Rs 56 crore and an offer for sale of up to Rs 675 crore
The company sold shares in the price band of Rs 880-900 per share and retail investors were allowed to buy shares in minimum 1 lot of 16
shares up to maximum of 13 lots
At the upper end of the price band one lot of Rolex Rings IPO was priced at Rs 14,400.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.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.As of 10:03 am, Rolex Rings shares were trading at Rs 1,200, up 33
from issue price but down 4 per cent from opening price.
