Rolex Rings made a strong market debut with its share opening 39 percent higher against the IPO issue price. The share of the auto components maker listed at Rs 1,250 on BSE, Rs 350 higher than the issue price of Rs 900.
Market cap of the firm rose to Rs 3,151 crore on BSE. On NSE, the stock opened at Rs 1,249.
Market cap of the firm stood at Rs 3,088 crore. The share hit an intra day high of Rs 1,263 on NSE and Rs 1,264 on BSE.
Price band of the IPO was fixed at Rs 880-900 per share.
Total 4.92 lakh shares changed hands amounting to turnover of Rs 55.35 crore on BSE. On NSE, 55.73 lakh shares changhed hands amounting to turnover of Rs 636.31 crore.
Rolex Rings initial public offer (IPO) was subscribed 130.44 times on the last day of subscription on July 30.
The issue, which opened on July 28, received bids for 74,16,00,096 shares against 56,85,556 shares on offer.
The category for qualified institutional buyers (QIBs) was subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times.
The IPO comprised a fresh issue of up to Rs 56 crore and an offer for the sale of up to 75 lakh equity shares.
Rolex Rings IPO was fully subscribed within hours of opening on July 28.
On July 27, the firm collected a little over Rs 219 crore from anchor investors.
Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.