Rolex Rings IPO Opens Tomorrow. Here Are Key Things To Know

Auto components maker Rolex Rings' initial public offering (IPO) will open for subscription tomorrow i.e. July 28. The IPO will remain open until July 30. The company has set the price band for the share offering in the price band of Rs 880-900 per share. The shares are likely to be listed on the BSE Sensex and NSE Nifty on August 9.

The IPO will consist of a fresh issue of Rs 56 crore and an offer for sale of up to 675 crore. A total of 35 per cent of the shares are reserved for retail investors, 14 per cent for high-networth individuals (HNIs) and the remaining 50 per cent for qualified institutional buyers (QIBs). Investors can bid for a minimum one lot of 16 shares and in multiples thereafter, extending up to 13 lots.

The auto component maker will use the IPO proceeds to fund its long-term working capital requirements and for general corporate purposes, according to the draft red herring prospectus filed with SEBI.

Rolex Rings, based at Rajkot in Gujarat, is among top five forging companies in India. It is a manufacturer and global supplier of hot rolled forged and machined bearing rings and offers components for two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles and electric vehicles.

Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the merchant bankers to the public issue, while Link Intime India is the registrar to the issue.