Tolins Tyres IPO subscribed 4.75 times so far on Day 2

10 Sep 2024 , 04:18 PM

Tolins Tyres’ initial public offering (IPO) was fully subscribed hours after it opened for subscription on September 9. On Friday, the business said that it had collected Rs 69 crore from anchor investors.

According to BSE data, the initial share sale attracted bids for 3.55 crore shares against 74.88 lakh on offer as of 4:14 p.m., resulting in a 4.75 times subscription.

Retail Individual Investors (RIIs) placed 7.89 times subscriptions, while non-institutional investors placed 3.18 times of their quota.

The Kerala-based company’s maiden share sale has a fixed price band of Rs 215-226 per share. It is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares worth Rs 30 crore, in which promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each. They currently own an 83.31 percent ownership in the company.

Out of the Rs 200 crore raised through the IPO, Rs 75 crore would be allocated to cover the company’s long-term working capital requirements, while Rs 62.55 crore will be used to settle debt.

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