The initial public offering (IPO) of Rolex Rings has been subscribed 9.26 times so far on July 29, the second day of bidding. Investors have put in bids for 5.26 crore equity shares against the offered size of 56.85 lakh equity shares, as per the subscription data available on the exchanges.

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The portion reserved for retail investors is subscribed 15.88 times and that of non-institutional investors is subscribed 5.85 times. Qualified institutional buyers have put in bids for 3,70,096 equity shares against their reserved portion of 16.24 lakh equity shares.

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. The IPO will close on July 30.

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.

Read here:

Rolex Rings IPO opens: Here are the key things to know

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.

Among the brokerages recommending subscribing to the Rolex Rings IPO are ICICI Direct, Reliance Securities and Ventura Securities, while Choice Broking has assigned a 'subscribe with caution' rating to the issue.

Read here: Rolex Rings IPO opens for subscription. Should you go for it?

"A sticky clientele, increasing share of business amongst existing customers, improving operational efficiencies led by better utilisation and exit from corporate debt restructuring remain key catalysts for Rolex Rings," said ICICI Direct, which has assigned a 'subscribe' rating to the issue.

First Published:Jul 29, 2021 1:54 PM IST