Rolex Rings gets Sebi approval to launch IPO

The IPO comprises a fresh issue of ₹70 crore and an offer for sale of up to 6.5 million equity shares by Rivendell PE LLC.Premium
The IPO comprises a fresh issue of ₹70 crore and an offer for sale of up to 6.5 million equity shares by Rivendell PE LLC.
 1 min read . Updated: 01 Jun 2021, 02:28 PM IST Ravindra N. Sonavane

Rolex Rings Ltd, a manufacturer of automobile forged compone, said it got Securities and Exchange Board of India's (Sebi's) approval to float an initial public offering (IPO).

The firm filed its draft red herring prospectus with Sebi in March 2021.

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The IPO comprises a fresh issue of ₹70 crore and an offer for sale of up to 6.5 million equity shares by Rivendell PE LLC.

Currently, Rivendell holds 45.51% stake in Rolex Rings.

Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.

Equirus Capital Private Ltd, IDBI Capital Markets & Securities Limited, JM Financial Limited have been appointed as merchant bankers for the issue.

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