Auto-components maker Rolex Rings Ltd on Monday mentioned it has fastened a value band of Rs 880-900 a share for its Rs 731-crore preliminary share sale.
The three-day preliminary public supply (IPO) will open on July 28 and conclude on July 30. The bidding for anchor buyers will open on July 27, the corporate introduced in a digital press convention.
Rolex Rings’ IPO includes a contemporary challenge of shares value Rs 56 crore and a suggestion on the market of as much as 75 lakh fairness shares by Rivendell PE LLC (previously often known as NSR-PE Mauritius LLC).
At the higher finish of the worth band, the IPO will fetch Rs 731 crore.
Proceeds from the contemporary challenge could be used in the direction of funding long-term working capital necessities in addition to normal company functions.
In addition, the auto element maker expects to obtain the advantages of itemizing the fairness shares on the inventory exchanges, enhancement of its model title amongst current and potential clients, and the creation of a public marketplace for its fairness shares in India.
Half of the problem measurement has been reserved for certified institutional consumers (QIBs), 35 per cent for retail buyers, and the remaining 15 per cent for non-institutional buyers.
The firm mentioned that bids could be made for no less than 16 fairness shares and in multiples of 16 fairness shares thereafter.
Based in Rajkot, Gujarat, Rolex Rings is among the many main producers of solid and machined elements within the nation.
For the fiscal ended March 31, 2021, Rolex Rings reported a revenue of Rs 86.95 crore as in comparison with Rs 52.94 crore within the previous fiscal.
Its revenues from operations stood at Rs 616.33 crore in 2020-21 as in opposition to Rs 666 crore within the previous monetary 12 months.
Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited are the e-book operating lead managers to the problem.
The fairness shares of the corporate might be listed on the BSE and NSE.