Rolex Rings on Monday made a strong debut on the bourses, with nearly 40 per cent gains. On the BSE, the stock opened at ₹1,249, recording a 38.78 per cent premium (or ₹349) over the IPO price of ₹900.
After hitting a high of ₹1,264.95, the stock started losing momentum and hit a low ₹1,105, but closed slightly higher at ₹1,166.55, up ₹266.55 or 29.62 per cent over the issue price. It opened at ₹1,250 on the NSE and closed at ₹1,170. While the NSE saw over 1.20 crore shares change hands, 10.79 lakh shares were traded on the BSE.
Subscription
The initial public offering of the auto components-maker was subscribed 130.43 times.
The IPO was launched with a price range of ₹880-900 a share. The category reserved for qualified institutional buyers was subscribed 143.58 times, while those for non-institutional investors was subscribed 360 times. Retail individual investors category was subcribed 24.49 times. The IPO comprised fresh issue of up to ₹56 crore and an offer for sale of up to 75 lakh equity shares.
Ahead of the issue, the company had raised a little over ₹219 crore from anchor investors.