homebusiness NewsRolex Rings aims to utilise Rs 45 crore of total IPO proceeds toward working capital
Rolex Rings aims to utilise Rs 45 crore of total IPO proceeds toward working capital
Rolex Rings’ initial public offering (IPO) has opened for subscription today and the bidding will remain open till July 30. The total size is Rs 716-731 crore and the price band has been set at Rs 880-900 per share. Hiren Doshi, CFO at Rolex Rings, spoke with CNBC-TV18.
Rolex Rings’ initial public offering (IPO) has opened for subscription today and the bidding will remain open till July 30. The total size is Rs 716-731 crore and the price band has been set at Rs 880-900 per share. Hiren Doshi, CFO at Rolex Rings, spoke with CNBC-TV18.
“Our issue is of Rs 731 crore where the private equity partner, who is selling off stake in OFS, will get Rs 675 crore and the balance Rs 56 crore will come to the company,” Doshi said.
Out of which, around Rs 45 crore will be used for long-term working capital purposes and the remaining for general purposes, he shared.
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On the company’s performance, he said, “We are aspiring to cross our 2019 EBITDA of 23 percent in the current fiscal.”
“Things are moving on a positive curve. We will be on an upward trend in terms of utilisation in the topline and on the line of 2019 numbers,” he added.
The company is currently sitting on a debt of around Rs 22-23 crore, which will be repaid in the next couple of quarters. “We could be out of CDR before March 2022,” he stated.
For the full interview, watch the accompanying video.
(Edited by : Dipika Ghosh)
First Published: Jul 28, 2021 1:59 PM IST
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