The Rolex Rings shares of the company got listed at Rs 1,250, a 39 per cent premium over the issue price of Rs 900 per share on NSE. On the BSE, the stock of the auto parts and equipment company opened at Rs 1,249 per share.
Post listing, the stock moved higher to Rs 1,264.95 on the BSE, up 41 per cent against the issue price. In the Morning trade, it was trading at Rs 1,198.20 after hitting a low of Rs 1,182 in intra-day business. A combined 2.5 million equity shares changed hands on the counter on the NSE and BSE.
The initial public offer (IPO) of Rolex Rings received a strong response from all types of investors, with the issue getting subscribed 130 times. The institutional portion was subscribed 143 times, the wealthy investor portion 360 times, and the retail investor portion 24.5 times.
The Rs 731-crore IPO generated bids worth Rs 66,744 crore. It had priced its initial public offer (IPO) between Rs 880-900 per share.
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Rolex Rings is a manufacturer and supplier of hot rolled forged and machined bearing rings, and automotive components for two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles, industrial machinery, wind turbines and railways, amongst other segments. It also supplies its products to some leading bearing manufacturing companies, tier-I suppliers to global auto companies and some auto original equipment manufacturers (OEM).
Stock Covered in the news
