Tolins Tyres Ltd IPO Closes Today

11 Sep 2024 , 12:09 PM

The Tolins Tyres Ltd IPO, closing on Wednesday, September 11, has seen a subscription of 8.61 times overall. The price band for the ₹230-crore IPO is set between ₹215 and ₹226 per share.

As of 12:02 pm on the final day, non-institutional investors have subscribed 8.49 times, retail investors 12.45 times, and Qualified Institutional Buyers (QIBs) 1.98 times.

Tolins Tyres secured ₹69 crore from anchor investors prior to the IPO launch, with shares being allotted at ₹226 per share. The share allotment is expected to be finalized on September 12, and the listing on the BSE and NSE is scheduled for September 16.

The IPO consists of a fresh issue of equity shares worth ₹200 crore and an offer-for-sale (OFS) of ₹30 crore by the company’s promoters.

Of the IPO proceeds, ₹75 crore will be allocated towards working capital requirements, ₹62.55 crore for debt repayment, and ₹24.36 crore will be invested in the company’s subsidiary, Tolin Rubbers.Saffron Capital Advisors Pvt Ltd is serving as the lead manager for the public issue.