The Rs 731-crore initial public offering of Rolex Rings Ltd. became the fifth-most subscribed issue so far this year.
The offer was subscribed 130.44 times on the final day.
The Rajkot-based bearings maker sold shares at Rs 880-900 apiece. The company is valued at Rs 2,950 crore at the upper end of the price band. The IPO comprised a fresh issue worth Rs 56 crore and a Rs 675-crore offer-for-sale by private equity firm Rivendell PE LLC.
Rolex Rings plans to use Rs 45 crore from the fresh issue to augment its long-term working capital requirement.
Prior to the IPO, it had raised Rs 219.29 crore by allocating 24.36 lakh shares to anchor investors at Rs 900 apiece.
Subscription Details: Day 3
The IPO was subscribed 130.44 times as of 5:00 p.m. on July 30.
Institutional subscription: 143.58 times
Non-institutional subscription: 360.11 times
Retail subscription: 24.49 times
Research Reports On Rolex Rings IPO
Positives, Investment Concerns, Outlook, Valuations: Angel Broking
Strong Outlook, Healthy Balance Sheet Offer Comfort: Reliance Securities
Watch | IPO Adda with Rolex Rings' Chairman Manesh Dayashankar Madeka:
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
