New Delhi (Anish Yande): Rolex Rings initial public offering has opened for subscriptions from today. The subsidiary of Glenmark Pharmaceuticals is looking to raise Rs 731 crore via the IPO. Check all details of the Rolex Rings initial public offering before subscribing here.
Key things to know about the Rolex Rings‘ IPO:
The IPO by Rolex Rings consists of a fresh issue of Rs 56 crore. The offer for sale amounts to 75 lakh equity shares to be offloaded by existing selling shareholders amounting to Rs 675 crores. The OFS would be offloaded by promoters and Rivendell PE LLC.
Following the IPO, promoter shareholding in Rolex Rings will decrease from 59 per cent to 57.64 per cent. The price band for the issue is fixed at Rs 880 to 900 per share. Rolex Rings plans to raise Rs 716 crore at the lower price band, and Rs 731 crore at the higher end of the price band.
Rolex Rings’ IPO will open on July 28 and close on July 30. The promoters of the company are Pinakin Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Bhautik Dayashankar Madeka, and Rupesh Dayashankar Madeka.
Investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares. QIBs can bid from 50 per cent of the offer which is reserved for them. Up to 35 per cent is kept aside for retail investors and 15 per cent of the issue is kept aside for non-institutional investors.
Rolex Rings will use the issue proceeds for capital expenditure requirements in the long term. JM Financial, Equirus Capital, and IDBI Capital Markets are the book running lead managers to the offer.
Rolex Rings company details:
Rolex Rings is a manufacturer of automotive components for vehicles and forged and machined bearing rings. The company is one of the leading forging companies in India.
The forging company operates three multi-purpose manufacturing facilities in Rajkot. Rolex Rings have a combined installed capacity of 1,44,750 million tonnes per annum, machining facilities with a combined installed capacity of 69 million parts per annum.
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