Auto components maker Rolex Rings made its stock market debut on Monday with its shares listing at ₹1,250 per share on the NSE, surging nearly 39% premium over its issue price of ₹900 per share. On BSE, the stock was trading at ₹1,252 per share.Rolex Rings initial public offer (IPO), that had opened for subscription on July 28 and closed on July 30, was subscribed 130.44 times on its final day of the bidding. The company’s price band was fixed at ₹880-900 per share.
The issue comprised a fresh issue of up to ₹56 crore and an offer for sale (OFS) of up to 75 lakh equity shares. Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited were the managers of the offer.
The ₹731-crore IPO received bids for 74,16,00,096 shares against 56,85,556 shares on offer. 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. It had garnered around ₹219 crore from anchor investors ahead of its IPO.
Many brokerages had recommended Subscribe rating to the issue as the company is one of the leading forging manufacturers with a geographically diversified revenue base and is available at reasonable valuation as compared to its peers. Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited, and JM Financial Limited were the managers of the offer.