26 Jul , 2021 By : Kanchan Joshi
MUMBAI: Rolex Rings Ltd has fixed its initial public offering price at Rs880-900 a share. Earlier, the firm said its issue will open on 28 July and close on 30 July.
The IPO comprises a fresh issue of Rs56 crore and an offer for sale of Rs750 crore by Rivendell PE.
Rivendell PE (formerly known as New Silk Route-PE Mauritius) currently holds a 41.01% stake in the company.
Equirus Capital, IDBI Capital, and JM Financial are the book lead managers on the issue.
Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.
The company will utilize the net proceeds from the fresh issue for funding long-term working capital requirements; and general corporate purposes.
As of March 2021, the company has posted a profit of Rs86.96 crore compared to Rs52.94 crore a year ago. Its revenue from operations stood at Rs616.33 crore versus Rs675.33 crore last year.
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