Rolex Rings IPO: What GMP signaling on subscription opening date
Premium- Rolex Rings IPO GMP today is ₹450 that means market is expecting 50 per cent listing gain from this public issue at a time when its subscription is opening for bidders
Rolex Rings IPO: The Initial Public Offering (IOP) of Rolex Rings is opening for subscription today and it will remain open for bidding till 30th July 2021. Though, it's with the time to say how investors give response to the forging company's public issue, but grey market has given rave response to Rolex Rings shares. According to market observers, Rolex Rings IPO GMP (grey market premium) today is ₹450, which is ₹20 higher from its grey market premium on Tuesday. Market observers went on to add that ₹450 premium on subscription opening date may attract attentions of potential bidders as GMP is taken as initial indicator in regard to the listing gains from the public issue.
What Rolex Rings IPO GMP mean?
As Rolex Rings IPO price band is ₹880 to ₹900, ₹450 Rolex Rings IPO GMP today means market is expecting 50 per cent listing gain from this public issue at a time when its subscription is opening for bidders. The market observers said that Rolex Rings IPO grey market premium has been rising for the last three days and it has maintained premium of over ₹400 in the grey market. This steady GMP of Rolex Rings IPO means the market is expecting Rolex Rings IPO listing at least around ₹1300 ( ₹900 + ₹400). They said it may attract some of the bidders who look at the GMP of a public issue before going into the financials of the company.
Speaking on what fundamentals suggest in regard to Rolex Rings IPO; Saurabh Joshi Research Analyst at Marwadi Shares and Finance said, "Considering the FY-21 adjusted EPS (earnings per share) of ₹31.93 on a post-issue basis, the company is going to list at a P/E ratio of 28.19 with a market cap of ₹24,510 mn, while its peers namely Ramkrishna Forgings and MM Forgings are trading at a P/E ratio of 123.30 and 37.14 respectively."
On his suggestion to the bidders in regard to Rolex Rings IPO; Saurabh Joshi said, "We assign a Subscribe (With Caution) rating to this IPO 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. However, the client concentration risk and CDR debt restructuring in the past, keeps us cautious at the same time from a longer-term perspective."
Rolex Rings IPO details
- Rolex Rings public issue is opening for subscription today and it will remain open for bidding till 30th July 2021.
- Rolex Rings IPO price band is ₹880 to ₹900
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- Tentative date for Rolex Rings IPO allotment is 4th August 2021
- Tentative date for Rolex Rings IPO listing is 9th August 2021
- A bidder will have to apply for this book build issue in lots and one lot of Rolex Rings IPO will comprise 16 company shares.
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