Manufacturing company, Rolex Rings debuted at Rs.1,250 on NSE and Rs. 1,252 per share on BSE. The stocks which were priced at Rs 900 saw an increase of 33%, LiveMint reported.
The initial public offering which was held in July was subscribed over 130.44 times. According to MoneyControl, the listing is in line with analysts’ expectations. It was predicted that the shares will be listed at a 45-50 per cent premium over the final issue price.
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.
The IPO was recommended by many brokerages. KRChoksey Research told MoneyControl, “At the upper band of IPO price of Rs 900, it is valued at a P/E multiple of 35 (on recalculated EPS excluding the Rs 25 crore deferred tax credit) which is lower than the industry average of 83.”
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.