Rolex Rings IPO: Shares trade at 50% premium ahead of listing

On August 9, the Rolex Rings would debut on NSE and BSE, both. Their IPO was subscribed over 130.44 times from July 28 to July 30 and had received a strong response, which was one of the reasons for a strong grey market premium.

Rolex Rings shares had continued to witness strong demand from investors in the grey market as it had traded at a healthy 50 per cent premium over their final issue price ahead of the listing in the next week.

The shares of the automotive components manufacturer had been trading at a premium of Rs 450 on the IPO Watch and IPO Central Data which tracked the grey market premium of issues before the listing. It would be equal to the trading price of Rs 1,350, a premium of 50 per cent over the issued price of Rs 900.

On August 9, the Rolex Rings would debut on NSE and BSE, both. Their IPO was subscribed over 130.44 times from July 28 to July 30 and had received a strong response, which was one of the reasons for a strong grey market premium.

The company had raised over Rs 731 from the public offering which had comprised a fresh issue of Rs 56 crore and the offer sale of Rs 675 crore by Rivendell PE LLC. The new net proceeds would be used for working capital requirements.

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