Rolex Rings IPO fully subscribed within hours of opening

Auto components maker Rolex Rings initial public offer (IPO) was fully subscribed within hours of opening on Wednesday.

The IPO received bids for 63,47,712 shares against 56,85,556 shares on offer, translating into 1.12 times subscription, according to data available with NSE till 1125 hours. Non-institutional investors category was subscribed 7 per cent, while those reserved for retail individual investors (RIIs) 2.20 times. The IPO comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares. The offer is in a price range of Rs 880-900 per share. Rolex Rings on Tuesday garnered a little over Rs 219 crore from anchor investors. At the upper end of the price band, the IPO will fetch Rs 731 crore.