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Rolex Rings to open issue on July 28; fixes IPO price band at Rs 880-900 per share

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Gujarat-based Rolex Rings, one of the leading manufacturers of forged and machined components, is set to launch its initial public offering (IPO) from July 28- 30. The company has fixed its IPO price band at Rs 880-900 per share.

Rolex Rings to open issue on July 28; fixes IPO price band at Rs 880-900 per share
Gujarat-based Rolex Rings, one of the leading manufacturers of forged and machined components, is set to launch its initial public offering (IPO) from July 28- 30. The company has fixed its IPO price band at Rs 880-900 per share.
According to the company’s Red Herring Prospectus, the offer comprises a fresh issue of equity shares aggregating up to Rs 56 crore and an Offer For Sale (OFS) by Rivendell PE LLC - a shareholder in the company - of up to 75 lakh equity shares.
The NSE now has information on its public offering, however, the details have yet to be added. Investors may also access it through the NSE website. Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book lead managers on the issue. Equity shares are proposed to be listed on the BSE and NSE.
The net proceeds from the new issuance will be used to support long-term working capital requirements as well as general business purposes.
Rolex Rings is a global manufacturer and supplier of hot rolled forged and machined bearing rings and automotive components for two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles, industrial machinery, wind turbines, and railways, among other segments.
For the fiscal year ended March 31, 2020, the company's profit stood at Rs 52.94 crore compared to Rs 59.04 crore in the previous fiscal year. The revenues from operations stood at Rs 666 crore year-on-year (YoY) as against Rs 904.32 crore in the previous fiscal.