Rolex Rings Listing: Shares DEBUT in line with Anil Singhvi’s estimate, stock trading lower amid profit-booking- check PREMIUM and other details

Rolex Rings shares start its exchanges journey with over 35 per cent higher premium at around Rs 1250 per share on both BSE and NSE on Monday. The listing of the automotive components manufacturer was exactly in line with Zee Business Managing Editor Anil Singhvi’s expectations.

The managing editor had projected that Rolex Rings to be listed between Rs 1200-1300 per share as against issue price of Rs 900 apiece and had suggested to book profit on listing gain to investors with a stop loss of Rs 1100 a share.

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Rolex Rings shares made life high of Rs 1263 per share on the NSE and almost the same high on the BSE at Rs 1265 per share during its market debut on Monday. 

Immediate after its listing, the stock fell by 11.5 per cent to touch its record low of Rs 1105 per share amid the profit-booking and has been trading lower at around Rs 1128 per share, down almost 10 per cent at around 10:30 am on Monday. 

रोलेक्स रिंग्स की मजबूत लिस्टिंग...

इश्यू प्राइस ₹900 के मुकाबले NSE पर ₹1,250 और BSE पर ₹1,249 पर लिस्ट#RolexRingsIPO #RolexRings #StockMarket @AnilSinghvi_ pic.twitter.com/ectT71EUvy

— Zee Business (@ZeeBusiness) August 9, 2021

Singhvi during the preview had suggested that the investors with a high-risk appetite should apply for Rolex Rings IPO and has recommended investors to apply for listing gains. 

The IPO of Rolex Rings was launched on July 28 and closed on July 30, 2021, for a size of Rs 731 crores, which also comprises a fresh issue of Rs 56 crore and an offer-for-sale (OFS) of up to Rs 75 lakh equity shares by Rivendell PE LLC. The offer was in a price range of Rs 880-900 a share. 

The IPO was oversubscribed by 130.44 times as it received bids for 74,16,00,096 shares against 56,85,556 shares on offer, as per data available with National Stock Exchange (NSE).  

The net proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. 

Rajkot-based company — Rolex Rings is among the leading manufacturers of forged and machined components in the country.