Getty ImagesRolex is among the top five forging companies in India.

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NEW DELHI: Shares of Rolex Rings made a strong market debut on Monday, as the scrip got listed at Rs 1,250 on NSE, a 38.89 per cent premium over its issue price of Rs 540.

On BSE, the scrip debuted at Rs 1,249, up 38.78 per cent.

Last heard, the Rs 731-crore IPO which was subscribed fully within minutes of opening, was commanding a premium of Rs 390-Rs 400 in the grey market.

Rolex is among the top five forging companies in India. The auto component maker manufactures and supplies hot rolled forged and machined bearing rings globally and offers components for passenger vehicles, commercial vehicles, two-wheelers, off-highway vehicles, and electric vehicles. It also offers products in segments such as industrial machinery, wind turbines, and railways.

The IPO by the auto components maker was subscribed a whopping 130.44 times. The issue received bids for 74,16,00,096 shares compared with 56,85,556 shares on offer. The quota for qualified institutional buyers (QIBs) was subscribed 143.58 times. The non-institutional investor category received 360.11 times subscription and the quota reserved for retail inpidual investors (RIIs) was subscribed 24.49 times.

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At present, Rolex has 22 forging lines with a combined installed capacity of 1,44,750 MTPA. Its machining facilities consist of 528 spindles with a combined installed capacity of 69 million parts per annum. Other machinery includes heat treatment furnaces, cold rolling machines, and other infrastructure.

The company intends to de-risk its business’ dependence on changes in power tariffs and reduce its carbon footprint through investment in renewable energy.

The company has windmills with an installed capacity of 8.75 mw. It is in the process of expanding the capacity of solar projects by an installed capacity of 16 mw and has already placed purchase orders for equipment with an installed capacity of 7.35 mw. The proposed expansion is expected to help it reduce its carbon footprint and expand profit margins.