Tolins Tyres' ₹230 Crore IPO Opens Today

9 Sep 2024 , 12:44 PM

The initial public offering (IPO) of Tolins Tyres Ltd opened for public subscription on Monday, September 9. The price band for the ₹230-Crore IPO has been set at ₹215 – ₹226 per share.

At the time of writing on the first day of bidding, the IPO was subscribed 0.90 times. The non-institutional investor category received 0.29 times subscription, while retail individual investors (RIIs) subscribed 1.69 times. The IPO will be open for subscription from September 9 to September 11.

The share allotment is expected to be finalized on September 12, with the shares listed on BSE and NSE on September 16.

Tolins Tyres raised ₹69 Crore from anchor investors ahead of the public offering. Notable anchor investors include BofA Securities Europe SA, NAV Capital VCC, and others.

The company allotted 30.53 lakh shares to these investors at ₹226 per share, aggregating to ₹69 Crore. The IPO consists of a fresh issue of shares worth ₹200 Crore and an offer-for-sale (OFS) worth ₹30 Crore.

Promoters Kalamparambil Varkey Tolin and Jerin Tolin will each offload shares worth ₹15 Crore through the OFS route. The company will use ₹75 Crore for working capital and ₹62.55 Crore for debt repayment. Tolins Tyres exports its products to 40 countries and has a strong presence in the tyre and tread industry.