The issue received bids for 2.18 crore shares as against 56.85 lakh shares on offer.
The initial public offer of automotive component maker Rolex Rings received bids for 2.18 crore shares as against 56.85 lakh shares on offer on Wednesday (28 July 2021), according to stock exchange data at 17:00 IST. The issue was subscribed 3.84 times.
The issue opened for bidding on Wednesday (28 July 2021) and it will close Friday (30 July 2021). The price band of the IPO was fixed at Rs 880-900 per share. An investor can bid for a minimum of 16 equity shares and in multiples thereof.
The IPO comprises of fresh issue of equity shares aggregating upto Rs 56 crore and an offer for sale (OFS) of 75 lakh equity shares by Rivendell PE LLC, the investor shareholder. Post issue the selling shareholder will have a holding of 34,14,423 equity share amounting about 21.75% of the post issue share capital.
While the company will not get any proceeds from the OFS, about Rs 45 crore out of the proceeds from fresh issue will be used for funding long-term working capital requirements and balance for general corporate purposes.
Ahead of the IPO, Rolex Rings on 27 July 2021 finalized allocation of 24,36,666 equity shares to anchor investors, at Rs 900 per equity share, aggregating to Rs 219.29 crore.
Rolex Rings is one of the leading forging companies in the country engaged in manufacture and supply of hot rolled forged and machined bearing rings and automotive components. The company supplies domestically and internationally to large marquee customers including some of the leading bearing manufacturing companies, tier-I suppliers to global auto companies and some auto OEMs. It is one of the key manufacturers of bearing rings in India and cater to most of the leading bearing companies in India. In FY2021, about 58.2% of its revenue come from bearing rings and balance 41.8% from auto-components.
The company reported a net profit of Rs 86.96 crore and sales of Rs 616.33 crore in the twelve months ended 31 March 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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