Rolex Rings IPO – Opens on Wednesday 28 July; Price Band, Issue Size, OFS – all details here

The Initial Public Offering (IPO) of Rolex Rings Limited will open on 28 July (Wednesday). The three-day issue will end on 30 July (Friday). The information about its public issue is now available on the NSE, details of which are yet to be put on it. The company has already filed its Red Herring Prospectus with the market regulator Securities and Exchange Board of India (SEBI). Investors can also find it on the NSE website - https://www1.nseindia.com/content/equities/IPO_RHP_ROLEX.pdf.

The offer comprises of a fresh issue of equity shares aggregating up to Rs 56 crore, the company has said in its RHP. There is an Offer For Sale (OFS) by Rivendell PE LLC which is the shareholder in the company of up to 75 lakh equity shares.

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The company is yet to declare the offer price which will be determined by the company and Rivendell PE LLC in consultation with the Book Running Lead Managers (BRLMs). The BRLMS for this issue are Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, JM Financial Limited and Link Intime India Private Limited.

The price band of the equity shares will be made available to the BSE and NSE two days prior to the IPO launch date, the company has said. The price band is expected to be declared on Monday.  

In case of any revision in the Price Band, the Bid/ Offer Period shall be extended for at least three additional Working Days after such an announcement is made, it said.

The money raised through the IPO will be utilised for the purpose of funding the long-term working capital requirements of the Company and for general corporate purposes. “Our Company proposes to utilise Rs 450 million from the Net Proceeds towards funding the long-term working capital requirements of the Company,” and for general corporate purposes, the company has said in its Red Herring Prospectus.

The proceeds from the Offer for Sale (net of Offer related expenses to be borne by the Selling Shareholder) shall be received by the Selling Shareholder (i.e. Rivendell PE LLC) and the Company will not receive any proceeds from the Offer for Sale, it has said.

The issue type is Book Building Process.

Based at Rajkot (Gujarat) India, Rolex Rings manufactures forged and machined components in India. The products cater to the automotive industry. Rolex manufactures transmission components, engine components, chassis components, exhaust system components and bearing rings.