Rolex Rings IPO Latest News: PRICE BAND ANNOUNCED as issue opens on this date; know lot size, minimum share subscription and more - all details here
The IPO of Rolex Rings Limited will open on 28 July (Wednesday). The three-day issue will end on 30 July (Friday). The price band for this public issue has been announced and it is at Rs 880-900, according to the information available on the BSE. The Symbol of this stock after listing will be ‘Rolex’. The information about its public issue is now available on the BSE and NSE
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 BSE. The price band for this public issue has been announced and it is at Rs 880-900, according to the information available on the BSE and NSE. The Symbol of this stock after listing will be ‘Rolex’.
The total number of shares that will be available for subscription are over 8.13 million. The size of one lot is 16 shares and one must subscribe at least 1 lot or 16 shares.
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- Maximum Bid Quantity for Qualified Institutional Investors – 8.13 million
- Maximum Bid Quantity for Non-Institutional Investors - 4.06 million
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.
The company has declared the offer price in consultation with Rivendell PE LLC and 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.
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.
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.
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