Rolex Rings shares decline for 2nd day in row; down nearly 12% from life high

The profit booking in the Rolex Rings continues on the second day of its trading session as the stock declined by around 5 per cent to Rs 1111 per share on the BSE intraday, after gaining marginally at open today. The counter on Monday was listed over 35 per cent higher premium on bourses.

The automotive components manufacturer shares were listed at around Rs 1250 per share on both BSE and NSE on Monday. The listing was exactly in line with Zee Business Managing Editor Anil Singhvi’s expectations between Rs 1200-1300 per share as against its issue price of Rs 900 apiece.

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The stock had hit a 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.  

Since its listing yesterday, the stock has declined by over 12 per cent from its 52-week high level of Rs 1265 per share on the BSE. Immediate after its listing on Monday, it slumped by 11.5 per cent to touch its record low of Rs 1105 per share amid the profit-booking.

The scrip at around 12:12 pm has been trading over 3 per cent lower at around Rs 1131 per share on the BSE as compared to a 0.63 per cent rise in the S&P BSE Sensex today. 

The IPO of Rolex Rings was launched on July 28 and closed on July 30, 2021, for 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.  

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