Rolex Rings IPO: Automotive components maker to open issue on July 28


Rolex Rings, one of the top five forging companies in India in terms of installed capacity, has decided to open its initial public offering for subscription on July 28.

The IPO comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares by Rivendell PE LLC. The issue will close on July 30.

The company, in consultation with merchant bankers, will finalise its issue price band on Monday, July 27.

The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements; and general corporate purposes.

Rolex Rings is a manufacturer and global supplier of 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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It is one of the key manufacturers of bearing rings in India and cater to most of the leading bearing companies in India.

The company has three manufacturing units in Rajkot. It 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.