Tolins Tyres receive a muted listing

16 Sep 2024 , 10:01 AM

The shares of Tolins Tyres Limited receive a muted listing. The shares get listed at premium of 0.88% on NSE at a price of ₹228 and at ₹227, with a premium of 0.44% on BSE, over the issue price of ₹226 per share.

The ₹230 crore initial public offer of Tolins Tyres comprises a fresh issue of equity shares worth ₹200 crore and an offer-for-sale of ₹30 crore. The issue has been subscribed 23.61 times on the last day of subscription.

The company aims to use the net proceeds from the IPO towards repay or prepay of debt, for investing in the wholly-owned subsidiary and other capital requirements.

Founded in 2003, Tolins Tyres Limited is a tyre manufacturer providing retreading solutions in India and exporting to over 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt. The company operates under two primary business segments: tyre manufacturing and tread rubber production.