Upcoming IPOs: GMP, price, other details that you should know
Upcoming IPOs: When the stock market will open tomorrow after the weekend, two initial public offering (IPOs) — Glenmark Life Sciences and Rolex Rings — will be knocking the doors of both NSE and BSE. As per the tentative dates table of these two upcoming IPOs, Glenmark Life Sciences IPO is expected to open for bidding on 27th July 2021 while Rolex Rings IPO is likely to become available for bidding from 28th July 2021. According to the market observers, Glenmark Life Sciences IPO GMP and Rolex Rings IPO GMP have already started scaling ahead of its subscription opening date.
Here we list out some important details in regard to the two upcoming IPOs:
Grey marker premium (GMP)
Gelnmark Life Sciences IPO GMP today is ₹580, which is ₹380 higher from its yesterday’s share price in the grey market. This rise in Gelnmark Life Sciences IPO grey market premium can be understood as its subscription opening date is on 27th July i.e. on Tuesday. However, it would be surprising for the IPO bidders when they would come to know that Rolex Rings IPO GMP has skyrocketed from ₹500 to ₹580, ₹80 up from its yesterday’s share pric ein the grey market.
Subscription date
Gelnmark Life Sciences IPO is going to open for subscription on 27th July 2021 and it will remain open for bidding till 29th July 2021. Rolex Rings IPO is expected to open for bidding on 28th July 2021 while it is expected to remain open for subscription till 30th July 2021.
Price band
Gelnmark Life Sciences IPO price has been fixed at ₹695 to ₹720 while the Rolex Ring management is yet to fix its public issue price. Rolex Rings IPO’s other details like share allotment date, listing date are expected to become public once the management announces its issue price. So, bidders are expected to keep an eye on the Rolex Rings promoters' activities.
However, the tentative Glenmark Life Sciences IPO allotment date is 3rd August and it is expected to get listed at NSE and BSE on 6th August 2021.
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Rolex Rings IPO – Opens on Wednesday 28 July; Price Band, Issue Size, OFS – all details here
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 NSE, details of which are yet to be put on it. 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.
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The company is yet to declare the offer price which will be determined by the company and Rivendell PE LLC in consultation with 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.
The price band of the equity shares will be made available to the BSE and NSE two days prior to the IPO launch date, the company has said. The price band is expected to be declared on Monday.
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.
The issue type is Book Building Process.
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.
Automotive components maker Rolex Rings IPO to open on July 28
Rolex Rings, one of the top five forging companies in India in terms of installed capacity, has decided to open its initial public offering for subscription on July 28.
The IPO comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares by Rivendell PE LLC. The issue will close on July 30.
The company, in consultation with merchant bankers, will finalise its issue price band on Monday, July 27.
The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements; and general corporate purposes.
Rolex Rings is a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components for segments of vehicles including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles), industrial machinery, wind turbines and railways, amongst other segments.
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It is one of the key manufacturers of bearing rings in India and cater to most of the leading bearing companies in India.
The company has three manufacturing units in Rajkot. It has 22 forging lines with a combined installed capacity of 1,44,750 MTPA, machining facilities consisting of 528 spindles with a combined installed capacity of 69 million parts per annum and other machinery including heat treatment furnaces, cold rolling machines and other infrastructure.
Promoters of the company are Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka, and Bhautik Dayashankar Madeka, having a shareholding of 48.8 percent at the time of filing red herring prospectus.
Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC) held 41.01 percent stake in the company.
Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book running lead managers to the issue. Equity shares are proposed to be listed on the BSE and NSE.