Tolins Tyres Ltd launched its ₹230 Crore initial public offering (IPO) opened yesterday, September 9, with a price range of ₹215 – ₹226 per share. The subscription window is open from September 9 to September 11. The share allotment of Tolins Tyres Ltd IPO is expected to be finalized by September 12. Shares will be listed on the BSE and NSE on September 16.
On the second day, the IPO was subscribed 3.38 times, with non-institutional investors subscribing 1.89 times and retail individual investors (RIIs) subscribing 5.71 times.
Tolins Tyres raised ₹69 Crore from anchor investors before the public offering. Anchor investors include BofA Securities Europe SA, NAV Capital VCC, among others.
A total of 30.53 lakh shares were allocated to these anchor investors at ₹226 per share, amounting to ₹69 Crore.
The IPO includes a fresh issue of ₹200 Crore and an offer-for-sale (OFS) of ₹30 Crore. Through the OFS route, promoters Kalamparambil Varkey Tolin and Jerin Tolin will each sell shares worth ₹15 Crore.
The company plans to allocate ₹75 Crore for working capital needs and ₹62.55 Crore for debt repayment. Tolins Tyres exports to 40 countries and holds a significant position in the tyre and tread industry.
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