Rolex Rings Limited IPO
Incorporated in 2003, Rolex Rings is one of the top 5 forging companies in India. It is a manufacturer and global supplier of hot rolled forged and machined bearings rings, and automotive components for vehicles including passenger vehicles, two-wheelers, commercial vehicles, off-highway vehicles, electric vehicles, etc.
Rolex rings supply domestically and internationally to large marquee customers including tier-I suppliers to global auto companies, some of the leading bearing manufacturing companies, and some auto OEMs. It is one of the key manufacturers of bearing rings in India and it caters to most of the leading bearing companies in India. In the fiscal year 2021, it supplied bearing rings and automotive components to over 60 customers in 17 countries that include the United States of America, Germany, France, Italy, Thailand, etc.
Rolex rings set up its first manufacturing plant in Rajkot and as of 30th June 2021, it has 3 manufacturing plants in Rajkot which include machining facilities consisting of 528 spindles with a combined installed capacity of 69 million parts per annum, 22 forging lines with a combined installed capacity of 1,44,750 MTPA, and other machinery including heat treatment furnaces, cold rolling machines, and other infrastructure.
The promoters of the company are Rupesh Dayashankar Madeka, Jiten Dayashankar Madeka, Manesh Dayashankar Madeka, Pinakin Dayashankar Madeka, and Bhautik Dayashankar Madeka.
Strengths of the Company
- Comprehensive product portfolio
- Manufacturing capabilities that offer scale, locational advantage, and flexibility
- Long-standing customer relationships
- Geographically diversified revenue base
- Strong financial performance
- Experienced promoters and management team
Purpose of the IPO
- To fund the long term working capital requirements
- For general corporate purposes
Financial Performance of the company
| FY 2021 | FY 2020 | FY 2019 | |
| Total Revenue | 619.75 | 675.33 | 911.25 |
| Profit After Tax | 75.18 | 72.08 | 140.56 |
| Total Assets | 796.92 | 686.17 | 782.25 |
*All the values are in crores and as per RHP.
Valuation of the Company
| FY 2021 | FY 2020 | FY 2019 | |
| Basic Earnings per Share (EPS) | 36.26 | 22.08 | 24.62 |
| Diluted Earnings per Share (EPS) | 35.96 | 22.08 | 24.62 |
| Return on Net Worth (%) | 24.38% | 19.75% | 27.42% |
| Net Assets Value per Equity share | 148.76 | 111.80 | 89.80 |
*As per RHP.
IPO details
| Face Value | ₹10 per equity share |
| Market Lot | 16 Shares |
| Minimum Order Quantity | 16 Shares |
| Price Band | ₹880- ₹900 per equity share |
| Issue type | Book Built Issue IPO |
| Issue Size | ₹731 Crores |
| Fresh Issue | ₹56 Crores |
| Offer for Sale | ₹675 Crores |
| Listing | NSE, BSE |
Important IPO dates
| Open Date | 28th July 2021 |
| Close Date | 30th July 2021 |
| Basis of Allotment Date | 04th August 2021 |
| Initiation of Refunds | 05th August 2021 |
| The credit of shares to Demat Account | 06th August 2021 |
| Listing Date | 09th August 2021 |
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