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 listed on the bourses and closed at Rs 1,166.55, a gain of Rs 266.55 or 29.62%.
The company had earlier 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 third highest subscription after Glenmark Life Sciences which received 39.5 lac applications and Devyani International with 38.40 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.
The discovered price on BSE was Rs 1,249 at which price, the traded volume was 83,407 shares. On NSE, the discovered price was a rupee higher at Rs 1,250 and the traded volume was 10,77,507 shares.
The day’s high on BSE was Rs 1,264.95 while the day’s low was Rs 1,105. The day’s close was Rs 1,166.55, a gain of Rs 266.55 or 29.62%. On NSE the day’s high was Rs 1,263 while the day’s low was Rs 1,105. The day’s close was Rs 1,167, a gain of Rs 267 or 29.67%.
| Exchange | Open | High | Low | Close | Net Change | % Gain/ Loss | Wt.Avg | Volume | Delivery | Del %age |
| BSE | 1249.00 | 1264.95 | 1105.00 | 1166.55 | 266.55 | 29.62 | 1173.02 | 1078751 | 267215 | 24.77 |
| NSE | 1250.00 | 1263.00 | 1105.00 | 1167.00 | 267.00 | 29.67 | 1176.83 | 12087442 | 4086826 | 33.81 |
| Total | 13166193 | 4354041 | 33.07 |
The traded volume on the two exchanges combined was 131.66 lacs which was 1.62 times the IPO size of 81.22 lac shares. It was 2.32 times the non-anchor portion of 56.85 lac shares. Delivery volume was 43.54 lac shares which was 33.07% of the traded volume. It was 53.61% of the IPO size and 76.58% of the non-anchor portion. Weighted average of the days trade was Rs 1,173.02 on BSE and Rs 1,176.83 on NSE. The difference between closing price and weighted average was not significant and was less than even one percent. This therefore does not give any direction to price going forward.
There was one institutional trade reported on the buy side on NSE where HSBC pooled investment fund bought 1,44,823 shares at Rs 1,250 which was the discovered price. The company would be declaring results for the June quarter on Saturday the 14th of August and it would be interesting to see how the performance has improved compared to the previous quarter.
This is the second consecutive issue after Glenmark Lifesciences Limited where leveraged HNI’s have lost money. The cost of funding was about Rs 430-440 while the discovered price was Rs 1,250 and average price was even lower at Rs 1,175.
