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BUSINESSRolex Rings IPO: In few hours fully subscribed IPO, will close on...

Rolex Rings IPO: In few hours fully subscribed IPO, will close on 30th July

Rolex Rings IPO
Rolex Rings IPO

Rolex Rings IPO

The Rolex Rings IPO was fully subscribed within hours of its opening. It will close on 30 July. For this IPO of Rs 731 crore, the company has fixed the price band from Rs 880 to Rs 900. The initial public offering (IPO) market was buzzing in the last year. Crores of rupees through IPO has been raised in the year 2020 through IPO’s.

In 2021 also the investors have made huge profits from the IPO market. The ups and down in the IPO market is not over yet. Today the IPO of auto parts maker Rolex Rings opened and within a few hours of opening it got a full subscription. Investors can apply for this IPO for three days. It will close on 30 July.  

Price band Rolex Rings IPO

For this IPO of Rs 731 crore, the company has fixed the price band from Rs 880 to Rs 900. As per NSE 11:25 am, the IPO received bids for 63,47,712 shares against 56,85,556 shares on offer, representing 1.12 times oversubscription. The IPO was subscribed seven percent in the non-institutional investor (NII) category. While the category reserved for retail individual investors (RIIs) got subscribed 2.20 times.

Here is Rolex’s plan

Under the IPO, the company issued new shares worth Rs 56 crore. 675 crore shares were issued by Rivendell PE LLC (formerly NSR-PE Mauritius LLC) under Offer for Sale (OFS). The funds raised under the IPO will be used by the company to meet its long-term working capital requirements. It will also be used for general corporate purposes as well.  

ALSO, READ: Get Rid Of Body Odor Permanently

What is IPO?

Rolex Rings IPO
Rolex Rings IPO

Always it comes to mind what is IPO. The full form of IPO is Initial Public Offering which means that whenever a company proposes to sell some shares to the general public for the first time this process is called IPO. IPO is the best way to earn a large profit for investors. The previous year, companies raised almost Rs 31,000 crore from the primary market.

To date total of 16 IPO launches took place, out of which 15 were launched in the second half. Rs 12,362 crore was raised through 16 IPOs in the full year of 2019. Rs 30,959 crore was raised by 24 companies through IPOs in 2018. IPO is the best way for the domestic stock market for recovering from the coronavirus epidemic. And because of this many companies are continuously launching IPOs to raise funds from general people and recovers from Corona Pandemic.

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