Tolins Tyres IPO subscribed 1.26 times on day 1

9 Sep 2024 , 02:53 PM

Tolins Tyres announced its initial public offering (IPO) on Monday, September 9. The tyre manufacturer is selling its shares for ₹215-226 per share. Investors can apply for a minimum of 66 equity shares and multiples thereof. The issue is open for bidding until Wednesday, September 11.

Tolins Tyres, founded in 2003, is a tyre manufacturing firm. It offers tyre retreading services in India and sells to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt. The company’s business is organised into two verticals: tyre manufacturing and tread rubber manufacture.

Tolins Tyres’ Rs 230 crore IPO includes a fresh share sale of Rs 200 crore and an offer-for-sale (OFS) of up to 13.27 lakh equity shares from its proprietors. The net proceeds of the issuance will be used to retire debt, enhance long-term working capital requirements, invest in Tolin Rubbers, a wholly owned subsidiary, and for general corporate reasons.

Tolins Tyres received Rs 69 crore from 8 anchor investors prior to its initial public offering by allocating 30,53,097 equity shares at Rs 226 each. Its anchor book included companies such as BofA Securities Europe SA, NAV Capital VCC, Vikasa India EIF, Invicta Continuum Fund, Chhattisgarh Investment, Settrade Revolution Fund, Moneywise Financial Services, and Ashika Global Securities.

Retail Individual Investors (RIIs) were the main bidders, bidding 2.32 times, followed by Non Institutional Investors (NIIs) at 0.49 times and Qualified Institutional Buyers (QIBs) at 5,412 bids, according to BSE data as of 2:51 PM today.

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