Rolex Rings initial offer subscribed 130 times

Mumbai: The Rs 731-crore initial public offering of Rolex Rings, an automotive component company, was subscribed 130 times on Friday— the last day of bidding.

It received strong investor interest. The offer got bids for 74.15 crore shares against the issue size of 56.86 lakh shares. The IPO received 34.90 lakh applications, the third-highest ever after the issues of Reliance Power and Tatva Chintan Pharma.

The non-institutional investor or high net worth individual (HNI) category was subscribed 360 times while retail investors put in bids for 25 times the shares reserved for them. This is the fifth-best IPO in terms of HNI subscriptions after MTAR Tech, Tatva Pharma, Nazara Tech, and Easy Trip Planners.