Automotive components manufacturer Rolex Rings is set to make its debut in the market with its initial public offering (IPO) soon. The three-day IPO will open on July 28 and conclude on July 30.

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Based in Rajkot, Gujarat, Rolex Rings is among the leading makers of forged and machine components in the country. The firm has three manufacturing plants in Rajkot.

Here are the key things to know about Rolex Rings’ IPO:

Rolex Rings, in consultation with merchant bankers, has fixed a price band of Rs 880-900 per equity share for the public issue.

The company is planning to raise Rs 716 crore at the lower price band, and Rs 731 crore at the higher end.

The offer will open for subscription on July 28 and will close on July 30.

The public issue comprises a fresh issue of Rs 56 crore and an offer for sale of 75 lakh equity shares by Rivendell PE LLC – a shareholder in the company.

Investors can bid for a minimum of 16 equity shares and in multiples of 16 after that. The minimum investment amount for 13 lots at the higher price band of Rs 900 per share is Rs 14,400, and the maximum investment amount is Rs 1,87,200. The maximum amount that a retail investor can invest is Rs two lakh.

The issue contains a 50 percent allocation for the Qualified Institutional Buyers (QIBs), 15 percent is reserved for the Non-Institutional Investors (NIIs) quota, and a 35% reservation for the Retail segment.

The Basis of Allotment will likely be on August 4, while the refunds will be on the following day, August 5 and shares will be credited to Demat accounts on August 6. The tentative listing day for the IPO stands as of August 9.

The net proceeds from the IPO will go towards the long-term working capital requirements of the company as well as general corporate purposes.

The promoters of Rolex Rings’ IPO are Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka, and Bhautik Dayashankar Madeka.

Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book-running lead managers to the offer.

First Published:Jul 27, 2021 9:52 AM IST