Rolex Rings IPO Listing: Lists at 39% Premium But Fails to Sustain
The expectations were mixed for the Rolex Rings IPO. The IPO had been subscribed 130.44X, but the recent Glenmark Life Sciences IPO had a tepid listing at just 4.2% above its issue price. On 09 August, Rolex Rings did list impressively at a premium of 38.9% but failed to hold on to gains. Against the issue price of Rs.900, the stock of Rolex Rings listed on the NSE at Rs.1,250. Here is the story of Rolex Rings stock performance on the day of listing.
The IPO price was fixed at the upper end of the band at Rs.900 after the 130.44X subscription. On 09 Aug, the stock of Rolex Rings listed on the NSE at a price of Rs.1,250, a premium of 38.9% over the issue price. On the BSE, the stock listed at a price of Rs.1,249, a listing premium of 38.8%. On the NSE, Rolex Rings closed at Rs.1,170, a first day closing premium of just about 30% over the issue price. On the BSE, the stock closed at Rs.1,166.55, a first day closing premium of 29.6% over the issue price.
Rolex Rings IPO Listing Details
On Day-1 of listing, Rolex Rings touched a high of Rs.1,263 on the NSE and a low of Rs.1,105. On Day-1, the Rolex Rings stock traded a total of 1.21 crore shares on NSE amounting to value of Rs.1,423 crore. Rolex Rings was ranked Number 1 by traded value on the NSE on 09th August.
On the BSE, Rolex Rings touched a high of Rs.1,264.95 and a low of Rs.1,105. On BSE, the stock traded a total of 10.79 lakh shares amounting to value of Rs.126.54 crore. At the close of Day-1, Rolex Rings had a market capitalization of Rs.3,177 crore with free-float market cap of just Rs.667 crore.
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