Rolex Rings is all set to debut on NSE and BSE on August 9. The stocks which were priced at Rs 900, are expected to list a 45-50 per cent premium over the final issue price, MoneyControl reported.
The initial public offering which was held in July was subscribed over 130.44 times. According to MoneyControl, The reserved portion of qualified institutional buyers was subscribed 360.11 times, non-institutional investors 143.58 times, and the retail portion 24.49 times.
Prashanth Tapse, VP Research at Mehta Equities told Moneycontrol, “With stellar investors’ response to the Rolex Rings IPO, we believe it would list at over Rs 1,325, which translates to 47 per cent premium over the upper end of the IPO price Rs 900.”
According to Tapse, a geographically diversified revenue base, comprehensive product portfolio, a reasonably well-priced IPO along attractive valuations are the other things going in favour of Rolex Rings.
IPO Watch and IPO Central data show that shares of Rolex Rings are trading at a premium of Rs 450 now.
According to News18, Rolex Rings IPO had an issue size of Rs 731 crore and was comprised of a fresh issue and an offer for sale (OFS). The fresh issue was Rs 56 crore and the OFS was at Rs 675 crore with 7,500,000 equity shares along with a face value of Rs 10 per equity share. The price band for the issue was Rs 880 to Rs 900 per equity share.
