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Rolex Rings Settles Below Listing Price After Missing Listing Estimates


Rolex Rings
IPO listing missed analysts estimates and the stock listed at a price of Rs. 1250 per share on the NSE against the issue price of Rs. 900, a premium of 39 percent. On the listing day (August 9, 2021), the stock rose up to Rs. 1263, while its intra-day low had been Rs. 1,105. Nevertheless at the close of the trading session today, the stock settled lower than the listing price at Rs. 1167, up over 29% from the IPO issue price. At the closing, Rolex Rings commanded a m-cap of Rs. 3178 crore.

Rolex Rings Settles Below Listing Price After Missing Listing Estimates

Analysts' given several favourables expected Rolex Rings to make a debut with gains in the range of 45-50 percent.

Is the stock of 'Rolex Rings' a 'Buy' post listing?

Experts recommended successful allottees to book 50 percent profits and hold the remaining shares with a long term perspective given the strong connect of the company with customers, forging efficiency and better outlook of the auto industry.
For non-allotted investors or investors' wishing to lap up Rolex Rings scrip, "it is better to wait and watch to accumulate at a better pricing range in the near future," said Prashanth Tapse, VP Research at Mehta Equities.

About Rolex Rings

Rajkot-headquartered Rolex Rings is among the top 5 forging companies in the country in terms of installed capacity. The company manufactures and supplies forged and machined parts to automobile manufactures globally. Rolex Rings launched its IPO between July 28 and 30 that was a mix of both fresh issuance of Rs. 56 crore and an OFS by PE firm Rivendell PE of up to 75 lakh equity shares.

Amid strong IPO frenzy, Rolex Rings IPO garnered massive investor interest and was subscribed 130.44 times.

Read more about: ipo ipo listing rolex rings
Story first published: Monday, August 9, 2021, 16:50 [IST]
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