Rolex Rings shares close with 30 per cent premium in debut trade

NEW DELHI: Shares of auto components maker Rolex Rings Ltd on Monday closed with a premium of 30 per cent against the issue price of Rs 900.

The stock is listed at Rs 1,249, registering a jump of 38.77 per cent from its issue price on the BSE. During the day, it zoomed 40.55 per cent to Rs 1,264.95.

It closed at Rs 1,166.55, a gain of 29.61 per cent. On the NSE, it made its debut at Rs 1,250, reflecting a jump of 38.88 per cent. The stock closed at Rs 1,170, rallying 30 per cent. The company's market valuation was at Rs 3,176.90 crore on the BSE.

In traded volume terms, 10.79 lakh shares were traded at the BSE and over 1.20 crore units at the NSE during the day. Mirroring massive investor response, Rolex Rings initial public offer was subscribed 130.44 times last month.

The Rs 731-crore offer was in a price range of Rs 880-900 a share. Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.