New Delhi. A strong listing of the auto sector company Rolex Rings has been seen today. Today the stock got listed at 1249. The issue price for the share was kept at Rs 900 per share. That is, investors have got a profit of about Rs 350 on an investment of Rs 900 during the listing. Considering the great response to the issue, experts were already anticipating that the stock would give good returns during listing.
Got great response from investors
Rolex Rings IPO received strong response from investors. The initial public offering (IPO) of auto parts maker Rolex Rings got a total subscription of 130.44 times till the last day of the issue. According to the data released on NSE, under the IPO of Rs 731 crore, the company received bids for 74,16,00,096 shares, while 56,85,556 shares were offered. Qualified Institutional Buyers (QIBs) subscribed 143.58 times, non-institutional investors 360.11 times and retail individual investors (RIIs) 24.49 times. The IPO includes an offer for sale in the market for fresh shares of up to Rs 56 crore and 75 lakh equity shares. The price filed for this issue was kept at Rs.880-900 per share. So much was the excitement about the IPO that Rolex Rings was fully subscribed within a few hours on the first day of the IPO issue opening. Prior to the IPO, Rolex Rings had raised over Rs 219 crore from anchor investors.
The company’s unit is in Gujarat
Rolex Rings manufactures parts for two wheelers, passenger vehicles, electric vehicles, industrial machinery, wind turbines, railways and other segments. It also manufactures beer rings, hot rolled forged. There are three units of Rolex Rings in Rajkot, Gujarat, with a total production capacity of 1 lakh 44 thousand 750 million tones per annum. In the financial year 2020-21, the company had a profit of Rs 86.95 crore, while in the last financial year 2019-20, the company had a profit of Rs 52.94 crore. The proceeds from the IPO will be used by the company to finance long-term capital requirements as well as for general corporate purposes. Located in Rajkot, Gujarat, Rolex Rings is one of the leading manufacturers of auto parts in the country.