Rolex Rings Limited which had tapped the capital markets with its fresh issue of Rs 56 crs and an offer for sale of 75 lac shares completed received excellent response and was subscribed 130.44 times. The QIB portion was subscribed 143.58 times while the HNI portion was subscribed 360.11 times. Retail portion was subscribed 24.49 times and the company received 34.89 lac applications. On basis of lots, the retail issue was subscribed 19.64 times, which implies that the average application was for 1.25 lots.

The company garnered a total subscription of over Rs 80,000 crs. The retail subscription makes it the second highest subscription after Glenmark Life Sciences which received 39.5 lac applications.

Earlier the company had completed allocation to anchor investors. The company allotted 24,36,666 shares to 15 anchor investors comprising 26 entities. The price band is Rs 880-900. The issue was open from Wednesday the 28th of July to Friday the 30th of July.

The highest allocation was made to Kotak Mutual Fund who was allotted 11.30% of the anchor book. This was followed by allotment of 2,44,432 shares or 10.03% to HDFC Mutual Fund, SBI Mutual Fund and ICICI Prudential Mutual Fund.

The top four anchor investors were allotted 51.52% of the anchor portion.

Full details of subscription are given below: –

Glenmark Life Sciences Limited which had tapped the capital markets with its fresh issue for Rs 1,060 crs and an offer for sale of 63 lac shares in a price band of Rs 695-720, was subscribed 45.08 times. The company received excellent support and a new record of 39.5 lac applications were received. The previous best was a week earlier of 32.44 lac applications which was received in the issue of Tatva Chintan.

Earlier the company had completed allocation to anchor investors. The company on Monday had allotted 63,06,660 shares to 19 anchor investors at the top end of the price band. The issue was open from Tuesday the 27th of July and closed on Thursday the 29th of July.

The highest allocation was to Polar Capital Fund who was allotted 14,46,060 shares or 22.1% of the anchor book. This was followed by NT Asian Discovery Master Fund who was allotted 9,25,020 shares or 14.7% and HSBC Global Investment Fund who was allotted 8,06,580 equity shares or 12.8%. The top four anchor investors have been allotted 61.9% of the anchor book. At the bottom end, 7 funds have each been allotted 1.1% of the anchor book, indicating strong demand for the issue.

While domestic mutual funds are missing from the list, it appears that they chose to opt out on reasons of pricing. This seems odd when the difference in the top and bottom of the price band (720-695) is Rs 25 and is just 3.5% of the price. When every issue listing at the bourses records gains of 30% plus on day one why this is a concern? Strange are the ways of mutual funds.

Incidentally, mutual funds have subscribed for 7.07 lac shares in the QIB book.

QIB portion was subscribed 37.30 times, HNI portion was subscribed 125.62 times and Retail portion was subscribed 15 times. There were 39.5 lac applications received, which is a new record by itself. The retail portion on basis of lots was subscribed 10.7 times.