Can you tell me your view on the Rolex rings IPO that is likely to hit the market soon?

The latest name to hit the IPO market is Rolex Rings, a manufacturer of auto components and machine parts. Rolex Rings has already filed the preliminary papers with SEBI for the proposed launch of its IPO. The entire process of approvals may still take time and the IPO can be expected in the early part of the next fiscal year.

The Rolex Rings IPO will consist of fresh issue of shares to the tune of Rs.70 crore. In addition, there will also be an additional offer for sale or OFS where one of the original partners in the business will offload 65 lakh shares. These shares will be offered by one of the early investors in Rolex Rings, Rivendell PE.

Rivendell was formerly called New Silk Route PE. It may be recollected that it was floated by former McKinsey CEO, Rajat Gupta. Subsequently, Gupta had got embroiled with helping hedge fund manager, Rajarathinam, in an insider trading scam. Rolex rings is a leading maker of forged and machined components located in the city of Rajkot in Gujarat.