Rolex Rings shares made a stellar stock market debut on Monday. Rolex Rings shares opened for trading at Rs 1,250, up 39 per cent from issue price of Rs 900 per share. The stock rose as much as 40 per cent to hit an intraday high of Rs 1,263 per share. Rolex Rings shares were in very high demand during the three-day share sale via initial public offering which ended July 30. The country's 28th IPO of the year was subscribed 130.44 times.
Rolex Rings received 74.16 crore bids for a little over 56.85 lakh shares on the offer. A total of 5.47 crore bids were received at the cut-off price. Rolex Rings IPO received stupendous response from non-institutional investors as the portion reserved for them was subscribed 294.18 times.
Rolex Rings' Rs 731 crore IPO consisted of fresh issue of Rs 56 crore and an offer for sale of up to Rs 675 crore. The company sold shares in the price band of Rs 880-900 per share and retail investors were allowed to buy shares in minimum 1 lot of 16 shares up to maximum of 13 lots. At the upper end of the price band one lot of Rolex Rings IPO was priced at Rs 14,400.
Ahead of the IPO, Rolex Rings raised Rs 219 crore from anchor investors, including ICICI Prudential MF, Axis MF, HDFC Mutual Fund, Aditya Birla Sun Life MF, SBI MF, Kotak MF, L&T MF and HDFC Life Insurance Company, at a price of Rs 900 per share.
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.
As of 10:03 am, Rolex Rings shares were trading at Rs 1,200, up 33 from issue price but down 4 per cent from opening price.