Auto components maker Rolex Rings initial public offer was fully subscribed within hours of opening on Wednesday.

The IPO received bids for 63,47,712 shares against 56,85,556 shares on offer, translating into 1.12 times subscription, according to data available with NSE till 1125 hours.

Non-institutional investors category was subscribed 7 per cent, while those reserved for retail individual investors (RIIs) 2.20 times.

The initial public offer (IPO) comprises a fresh issue of up to Rs 56 crore and an offer for sale of up to 75 lakh equity shares.

The offer is in a price range of Rs 880-900 per share.

Rolex Rings on Tuesday garnered a little over Rs 219 crore from anchor investors.

At the upper end of the price band, the IPO will fetch Rs 731 crore.

Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes.

In addition, the auto component maker expects to receive the benefits of listing the equity shares on the stock exchanges, enhancement of its brand name among existing and potential customers, and the creation of a public market for its equity shares in India.

Based in Rajkot, Gujarat, Rolex Rings is among the leading manufacturers of forged and machined components in the country.

Equirus Capital Private Limited, IDBI Capital Markets and Securities Limited and JM Financial Limited are the managers to the offer.

The equity shares of the company will be listed on BSE and NSE.