India's Rolex Rings soars in market debut

Rolex Rings

09/08/2021 07:55

** Shares of the Indian automotive components maker
 ROLE.NS  gain as much as 40.3% to 1,263 rupees in their market
debut
    ** ROLE shares opened at a 38.9% premium to their initial
public offering (IPO) price of 900 rupees  urn:newsml:reuters.com:*:nFWN2PD24F
    ** Co offered 8.1 mln shares in its IPO at a price of 900
rupees per share, raising 7.31 bln rupees ($98.49 mln),
according to its final offer documents https://bit.ly/3fN8kRp
    ** At opening price of 1,250 rupees, co was valued at 34.04
bln rupees ($458.62 mln)
    ** ROLE started its manufacturing ops in 1988, making hot
rolled forged bearing rings and automotive components, which it
supplies to more than 60 customers in 17 countries
    ** Co's profit for the year ended March 31 rose 64.2% to
869.55 mln rupees     
    ** JM Financial and IDBI Capital are among the book running
lead managers for ROLE's IPO

    ($1 = 74.2220 Indian rupees)

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))