Auto components manufacturer Rolex Rings made a robust stock market debut on Monday. Rolex Rings shares opened for trading at Rs 1,250, up 39% from issue price of Rs 900 per share. The stock hit an intraday high of Rs 1,264.95 per share.
Rolex Rings initial public offer IPO opened for subscription on July 28 and closed on July 30. The IPO was subscribed 130.44 times. The company's price band was fixed at Rs 880-900 per share.
Rolex Rings received 741.6 million bids for a little over 56.85 lakh shares on the offer. A total of 54.7 million bids were received at the cut-off price. Rolex Rings IPO received amazing response from non-institutional investors as the portion reserved for them was subscribed 294.18 times.
Rolex Rings' Rs 7,310 million IPO consisted of fresh issue of Rs 560 million and an offer for sale of up to Rs 6,750 million. 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.
Rolex Rings garnered around Rs 2,190 million from anchor investors ahead of its IPO, 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.
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.