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Rolex Rings initial public offer, which got oversubscribed by 130.44 times on the last day of the bidding process on July 30, is trading at a premium of more than 57% against the upper price band of Rs 900 fixed by the company.

The Rs 731-crore IPO received bids for 74,16,00,096 shares against 56,85,556 shares on offer, as per data available with NSE. The quota reserved for qualified institutional buyers got subscribed 143.58 times, non-institutional investors 360.11 times, and retail individual investors (RIIs) 24.49 times.

Abhay Doshi, Founder, Unlisted Arena said that the premium of Rolex Rings is hovering at Rs 515 in the grey market. The initial public offer (IPO) comprised a fresh issue of up to Rs 56 crore and an offer for the sale of up to 75 lakh equity shares. The company had fixed a price band of Rs 880-900 a share.

Shares of the company are likely to list on bourses on August 10 and the share allotment status will be available on August 5 on the registrar and exchange websites.

Rolex Rings is one of the top five forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components for segments of vehicles including two-wheelers, passenger vehicles, commercial vehicles, off-highway vehicles, electric vehicles, industrial machinery, wind turbines and railways, amongst other segments.

They supply domestically and internationally to large marquee customers including some of the leading bearing manufacturing companies, tier-I suppliers to global auto companies and some auto OEMs.

The company is one of the key manufacturers of bearing rings in India and cater to most of the leading bearing companies in India. Rolex Rings started their manufacturing operations in 1988 with its first manufacturing plant set up in Rajkot.