Rolex Rings IPO opens this week: Price band, date, other details here
Premium- Rolex Rings, based in Gujarat, is among the leading manufacturers of forged and machined components
Auto-components maker Rolex Rings Limited's initial public offering (IPO) is expected to open for subscription this week on Wednesday i.e., July 28 and close on July 30. The company has fixed its price band for the initial share sale at ₹880-900 a share.
The issue comprises of a fresh issue of ₹56 crore and an offer for sale (OFS) of ₹750 crore by Rivendell PE. Currently, Rivendell holds 41% 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. The equity shares of the company will be listed on the Bombay Stock Exchange (BSE) as well as the National Stock Exchange (NSE).
Based at Rajkot in Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country. For the fiscal year ended March 31,2020, the company's profit stood at ₹52.94 crore as compared to ₹59.04 crore in the previous fiscal. The revenues from operations was at ₹666 crore versus ₹904.32 crore in year-on-year (YoY).
Separately, Glenmark Life Sciences Limited's IPO will also open for subscription this week on Tuesday i.e., July 27 and will be opened for bidding on July 29. The price band for the share sale is fixed at ₹695 to ₹720 per share whereas the expected date of listing on the stock exchanges is August 6.
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