Automotive components manufacturer Rolex Rings has fixed the price band for its initial public offering (IPO) at Rs 880-900 per share. The issue is scheduled to open on July 28.
The company is planning to raise Rs 731 crore through its public issue that comprises a fresh issue of Rs 56 crore and an offer for sale of up to 75 lakh equity shares by Rivendell PE LLC.
The issue is set to close on July 30. The anchor book, if any, will open for bidding for a day on July 27.
The net proceeds from fresh issue will be utilised for long-term working capital requirements, and general corporate purposes.
This would be 29th initial public offering in the current year 2021, and fifth in second half of CY21 after Clean Sciene, GR Infraprojects, Zomato, and Tatva Chintan Pharma Chem.
Investors can bid for a minimum of 16 equity shares and in multiples of 16 equity shares thereafter.
Rolex Rings manufactures and globally supplies hot rolled forged and machined bearing rings, and automotive components for segments of vehicles including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles), industrial machinery, wind turbines and railways, amongst other segments.
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The company with three manufacturing units in Rajkot has 22 forging lines with a combined installed capacity of 1,44,750 MTPA, machining facilities consisting of 528 spindles with a combined installed capacity of 69 million parts per annum and other machinery including heat treatment furnaces, cold rolling machines and other infrastructure.
Promoters of the company are Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka, and Bhautik Dayashankar Madeka, having a shareholding of 48.8 percent at the time of filing red herring prospectus.
Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC) held 41.01 percent stake in the company.
Equirus Capital, IDBI Capital Markets & Securities, and JM Financial are the book running lead managers to the issue. Equity shares are proposed to be listed on the BSE and NSE.
