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This article is more than 2 month old.

Rolex Rings IPO: Issue subscribed 130.44 times on final day; QIB portion booked 143.58 times

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Rolex Rings IPO has received bids for 74.16 crore equity shares against offer size of 56.85 lakh equity shares.

Rolex Rings IPO: Issue subscribed 130.44 times on final day; QIB portion booked 143.58 times
The initial public offering of Rolex Rings has been subscribed 130.44 times on July 30, the last day of bidding. Investors have put in bids for 74.16 crore equity shares against offer size of 56.85 lakh equity shares, as per the subscription data available on exchanges.
The reserved portion of retail investors has been subscribed 24.49 times, while that of qualified institutional buyers was subscribed 143.58 times. The part set aside for non-institutional investors is subscribed 360.10 times.
The Rs 731-crore IPO of automotive components manufacturer Rolex Rings comprises a fresh issue of shares worth Rs 56 crore and an offer for sale of shares worth Rs 675 crore by Rivendell PE LLC.
The price band for the offer is Rs 880-900 apiece.
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The company has already garnered Rs 219.3 crore from anchor investors at the higher end of the price band of Rs 880-900 per equity share.
Proceeds from the fresh issuance will be utilised towards funding long-term working capital requirements and for general corporate purposes. The company will not receive any proceeds from the OFS.