Rolex Rings shares were in very high demand during the three-day share sale via initial public offer (IPO) which ended today. Rolex Rings IPO, the 28th IPO to hit capital markets this year, was subscribed 130.44 times by the end of the final day of the bidding process, data from stock exchanges showed. Rolex Rings received 74.16 crore bids for a little over 56.85 lakh shares on the offer. 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.
Qualified institutional buyers (QIBs) also showed strong interest for Rolex Rings shares in the IPO as the portion reserved for them was subscribed 45.92 times. Among the QIBs, foreign institutional investors (FIIs) made 3.35 crore bids and domestic financial institutions (Banks, financial institutions (FIs) and insurance companies) made 1.26 crore bids, according to NSE data.
Portion for retail investors was subscribed 11.74 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.