Rolex Rings, a maker of automotive components, will begin accepting subscriptions for its initial public offering on July 28. The company and its stockholders intend to raise Rs 731 crore through the primary markets. The majority of analysts cautioned investors against investing in the issue, citing customer concentration risk, corporate debt restructuring (CDR), and stretched valuations based on normalized FY21 earnings with a 17 percent tax rate.
Rolex Rings IPO Details
Investors can place bids in multiples of 16 shares and multiples of that number. The issuance is priced between Rs 880 and Rs 900. Bids can be placed for as few as 16 shares and thereafter in multiples of that number. The issue's book running lead managers are Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited.
The IPO's price range has been set at Rs 880-900 per equity share. Rolex Rings is asking a price-to-earnings (P/E) valuation of 28.2x (to its restated FY21 EPS of Rs 31.9) at a higher price band of Rs 900, with a market cap of Rs 2,451 crore.
Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka, and Bhautik Dayashankar Madeka are the company promoters.
Rolex Rings Company details
Rolex Rings is one of India's top five forging enterprises, having been founded in 2003. The company makes hot rolled forged and machine-bearing rings as well as automotive components for a variety of applications, including passenger cars, two-wheelers, commercial vehicles, electric vehicles, off-highway vehicles, industrial machinery, wind turbines, and railways.
Automotive firms and renowned bearing manufacturers like as SRF India, Schaeffler India, Timken India, and others use the company's goods on a domestic and international level. It shipped bearing rings and automobile components to 17 different countries in fiscal 2020, including France, Italy, Germany, Thailand, the Czech Republic, the United States, and others.
Rolex Rings IPO Dates
|IPO Open Date||Jul 28, 2021|
|IPO Close Date||Jul 30, 2021|
|Basis of Allotment Date||Aug 4, 2021|
|Initiation of Refunds||Aug 5, 2021|
|Credit of Shares to Demat Account||Aug 6, 2021|
|IPO Listing Date||Aug 9, 2021|
Rolex Rings IPO Details
|Issue Type||Book Built Issue IPO|
|Face Value||Rs 10 per equity share|
|IPO Price||Rs 880 to Rs 900 per equity share|
|Market Lot||16 Shares|
|Listing At||NSE, BSE|
|Issue Size||Aggregating up to Rs 731.00 Cr|
|Fresh Issue||Aggregating up to Rs 56.00 Cr|
|Offer for Sale||Aggregating up to Rs 675.00 Cr|