Rolex Rings IPO, Glenmark Life’s IPO to open. Latest update, dates, issue price and other details

Rolex Rings IPO, Glenmark Life IPO

In terms of initial public offering (IPOs), the busiest season is undoubtedly July as many companies, including Zomato, make strong debuts on D-Street after receiving overwhelming investors’ responses for their public offering.

Two more IPOs – Glenmark Life Sciences and Rolex Rings Limited-will hit the markets this week. Glenmark Life’s IPO is scheduled to open on July 27 to July 29, whereas Rolex Rings will open for bidding on July 28 and close on July 30.

Rolex Rings:

Auto-components maker Rolex Rings Ltd said it has fixed a price band of Rs 880-900 a share for its Rs 731-crore initial share sale. The three-day initial public offer (IPO) will open on July 28 and conclude on July 30. The bidding for anchor investors will open on July 27, announced in a virtual press conference.

Rolex Rings’ IPO comprises a fresh issue of shares worth Rs 56 crore and an offer for sale of up to 75 lakh equity stocks by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC).

At the upper end of the price band, the IPO will fetch Rs 731 crore.

Proceeds from the fresh issue would be used towards funding long-term working capital requirements and general corporate purposes.

In addition, the auto component maker expects to receive the benefits of listing the equity shares on the stock exchanges, enhancement of its brand name among existing and potential customers and the creation of a public market for its equity shares in India.

Based in Rajkot, Gujarat, Rolex Rings is among the country’s leading manufacturers of forged and machined components.

For the fiscal ended March 31, 2021, Rolex Rings reported a profit of Rs 86.95 crore compared to Rs 52.94 crore in the preceding fiscal year.

Its revenues from operations stood at Rs 616.36 crore in 2020-21 as against Rs 666 crore in the preceding financial year.

Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited are the book running lead managers to the issue. The equity shares of the company will be listed on the BSE and NSE.

Glenmark Life Sciences:

Glenmark Life Sciences Limited’s IPO price band for the initial share sale is fixed at ₹695 to ₹720 per share. The expected date of listing on the stock exchanges is August 6.

Its IPO size has been reduced as it will now consist of a fresh issue of ₹1,060 crore and offer for sale (OFS) of up to 63 lakh shares by its promoter Glenmark Pharma.

Glenmark Life shares are available at a premium of ₹135 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares.

https://www.thestatesman.com/business/rolex-rings-ipo-glenmark-lifes-ipo-open-latest-update-dates-issue-price-details-1502986311.html

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