Automotive component maker Rolex Rings' IPO is about to come, in which investors will be able to invest between July 28 and 30. The company wants to raise Rs 731 crore through this. The price band for investment in IPO has been fixed at Rs 880-900 per share. This will be the 29th IPO to come in 2021.
Rolex Rings will raise funds from anchor investors on July 27, a day before the public issue launch. The company said the fund would be used for debt repayment and general corporate needs. Investors will have to take at least one lot to invest in IPO, in which 16 shares will be available. In terms of Rs 900 per share, one lot will have to pay Rs 14,400.
Let us inform you that Rolex Rings manufactures parts for two-wheelers, passenger vehicles, electric vehicles, industrial machinery, wind turbines, railways, and other segments. It also manufactures beer rings, hot rolled forged. This will be the 5th IPO in the second half of the calendar year 2021. Prior to this, IPOs of Clean Science, GR Infra, Zomato, and Tattva Chintan Pharma have been launched.
There are three units of Rolex Rings in Rajkot, Gujarat, with a total production capacity of 1 lakh 44 thousand 750 million tonnes per annum. According to the red herring prospectus filing, the promoters' stake in the company stood at 48.8%. Promoters include Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manish Dayashankar Madeka, and others.
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