Rolex Rings will use the IPO proceeds to fund its long-term working capital requirementsRolex Rings, an auto components maker, has filed preliminary papers with capital markets regulator Securities and Exchange Board of India (Sebi) to launch an initial public offering.  Rolex Rings’  market offering will consist of a fresh issue of shares worth Rs 70 crore and an offer for sale of up to 65 lakh shares by Rivendell PE (formerly known as NSR-PE Mauritius), according to the draft red herring prospectus filed with the market regulator.The auto component maker will use the IPO proceeds to fund its long-term working capital requirements and for general corporate purposes. The equity shares are likely to be listed on the BSE and NSE.Rolex Rings is based at Rajkot in Gujarat and is among the leading manufacturers of forged and machined components in the country.Equirus Capital Private Ltd, IDBI Capital Markets & Securities and JM Financial are the merchant bankers to the issue.