Rolex Rings IPO: Grey Market Premium Rises on Last Day of Subscription. Should you Book?

Coming to the Grey Market Premium (GMP), the Rolex Rings IPO had a band price of Rs 880 to Rs 900 per share, with a face value of Rs 10 per share. The GMP on day 3 for the public issue stood at Rs 550 according to Chanakyanipothi. The GMP for the issue on day 2 of the IPO was Rs 460. With this in mind, it can be extrapolated that the issue was trading at a premium of Rs 1,430 to Rs 1,450 per share on the grey market, against the established price band of the public issue. The automotive parts manufacturing company was hoping to close the IPO with a total of Rs 731 crore in funds. This is made up of a Fresh Issue worth Rs 56 crore and an Offer for Sale (OFS) of 7,500,000 shares at Rs 10 per share, which aggregated up to Rs 675 crore. After Friday’s close, the next important dates will be in August. The Allotment date is the first concern as it is set to be on August 4. The following day is set to be the initiation of the refunds for the unsuccessful bidders. On August 6 is when the successful bidders might see the shares accredited to their Demat accounts. Finally, the listing date is likely to be on August 9, though this is yet to be confirmed as the final.