Rolex Rings IPO Day 1 Subscription

The Rs.731 crore Rolex Rings IPO, consisting of Rs.56 crore of fresh issue and Rs.675 crore offer for sale, got a steady response from retail investors on Day-1. As per the combined bid details put out by the BSE, Rolex Rings IPO had been subscribed 3.84 times, with bulk of the demand coming from the retail segment followed by HNI segment. 

As of close of 28 July, out of the 56.86 lakh shares on offer in the IPO, Rolex Rings saw applications for 218.15 lakh shares at the end of Day-1. This implies an overall subscription of 3.84 times. The granular break-up of subscriptions is tilted in favour of retail investors. The QIB portion got virtually no subscriptions on Day-1 but they come on the last day.

However, on 27 July, Rolex Rings has already done an anchor placement of 24.37 lakh shares to QIB investors like HDFC Mutual Fund, Axis Mutual Fund, ICICI Pru MF, Birla MF, Kotak MF and SBI Mutual Fund. The original 50% QIB quota has been reduced by anchor investment amount of Rs.219 crore.

The HNI portion got subscribed 1.34 times but funded applications come in on the last day along with corporate applications, when we get a clearer picture. The real big story was the retail portion, which is already subscribed 7.10 times at the end of Day-1, showing strong retail appetite.

Among retail investors; out of the 28.43 lakh shares on offer, valid bids were received for 201.80 lakh shares, of which bids for 160.15 lakh shares were received at the cut-off price. The IPO is priced in the band of (Rs.880-Rs.900) and will close for subscription on Friday, 30 July. The anchor placement happened at the upper end of the band.