Rolex Rings fixes IPO price band at ₹ 880-900 per share

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MUMBAI: Rolex Rings Ltd has fixed its initial public offering price at ₹880-900 a share. Earlier, the firm said its issue will open on 28 July and close on 30 July.

The IPO comprises a fresh issue of ₹56 crore and an offer for sale of ₹750 crore by Rivendell PE.

Rivendell PE (formerly known as New Silk Route-PE Mauritius) currently holds a 41.01% stake in the company.

Equirus Capital, IDBI Capital, and JM Financial are the book lead managers on the issue.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements; and general corporate purposes.

As of March 2021, the company has posted a profit of ₹86.96 crore compared to ₹52.94 crore a year ago. Its revenue from operations stood at ₹616.33 crore versus ₹675.33 crore last year.

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Rolex Rings IPO Latest News: PRICE BAND ANNOUNCED as issue opens on this date; know lot size, minimum share subscription and more - all details here

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The Initial Public Offering (IPO) of Rolex Rings Limited will open on 28 July (Wednesday). The three-day issue will end on 30 July (Friday). The information about its public issue is now available on the BSE. The price band for this public issue has been announced and it is at Rs 880-900, according to the information available on the BSE and NSE. The Symbol of this stock after listing will be ‘Rolex’.

The total number of shares that will be available for subscription are over 8.13 million. The size of one lot is 16 shares and one must subscribe at least 1 lot or 16 shares.

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The company has already filed its Red Herring Prospectus with the market regulator Securities and Exchange Board of India (SEBI). Investors can also find it on the NSE website - https://www1.nseindia.com/content/equities/IPO_RHP_ROLEX.pdf

The offer comprises of a fresh issue of equity shares aggregating up to Rs 56 crore, the company has said in its RHP. There is an Offer For Sale (OFS) by Rivendell PE LLC which is the shareholder in the company of up to 75 lakh equity shares.

The company has declared the offer price in consultation with Rivendell PE LLC and the Book Running Lead Managers (BRLMs). The BRLMS for this issue are Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, JM Financial Limited and Link Intime India Private Limited.

In case of any revision in the Price Band, the Bid/ Offer Period shall be extended for at least three additional Working Days after such an announcement is made, it said.

The money raised through the IPO will be utilised for the purpose of funding the long-term working capital requirements of the Company and for general corporate purposes. “Our Company proposes to utilise Rs 450 million from the Net Proceeds towards funding the long-term working capital requirements of the Company,” and for general corporate purposes, the company has said in its Red Herring Prospectus.

The proceeds from the Offer for Sale (net of Offer related expenses to be borne by the Selling Shareholder) shall be received by the Selling Shareholder (i.e. Rivendell PE LLC) and the Company will not receive any proceeds from the Offer for Sale, it has said.

Based at Rajkot (Gujarat) India, Rolex Rings manufactures forged and machined components in India. The products cater to the automotive industry. Rolex manufactures transmission components, engine components, chassis components, exhaust system components and bearing rings.

Rolex Rings Limited IPO to open on Jul 28

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Rolex Rings Limited IPO to open on Jul 28

Kolkata, Jul 26(UNI) Rolex Rings Limited, one of the top five forging companies in India in terms of installed capacity, proposes to open the initial public offering of its equity shares on July 28 next.

The price band of the offer has been fixed at Rs. 880 to Rs. 900 per equity share. Bids can be

made for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter.

The Offer comprising of a fresh issue aggregating up to Rs. 560 million and an offer for sale by Rivendell PE LLC, of up to 7,500,000 equity shares.

The offer is being made in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules,

1957, as amended read with Regulation 31 of the Securities and Exchange Board of India.

Not less than 15% of the Offer shall be available for allocation on a proportionate basis to non-institutional bidders and not less than 35% of the offer shall be available for allocation to

retail individual bidders following the SEBI ICDR Regulations, subject to valid bids being

received from them at or above the offer price.

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