Auto-components maker Rolex Rings on Monday said it has fixed a price band of ₹880-900 a share for its ₹731-crore initial share sale.
The three-day initial public offer (IPO) will open on July 28 and conclude on July 30. The bidding for anchor investors will open on July 27, the company announced in a virtual press conference.
Rolex Rings’ IPO comprises a fresh issue of shares worth ₹56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC).
At the upper end of the price band, the IPO will fetch ₹731 crore.
Fund usage
Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.
In addition, the auto component-maker expects to receive the benefits of listing the equity shares on the stock exchanges, enhancement of its brand name among existing and potential customers and the creation of a public market for its equity shares in India.
Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country. For the fiscal-ended March 31, 2021, Rolex Rings reported a profit of ₹86.95 crore as compared to ₹52.94 crore in the preceding fiscal.
Its revenues from operations stood at ₹616.36 crore in 2020-21 as against ₹666 crore in the preceding financial year.
Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.