September 11, 2024
New Delhi, India
IPO News
Tolins Tyres’ Initial Public Offering (IPO) opened on September 9 and closes today, September 11. The company aims to raise approximately ₹230 crore through the IPO, which is set to be listed on both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Key Highlights of Tolins Tyres IPO:
- IPO Details:
- Price Band: Set between ₹215 and ₹226 per share.
- Anchor Investor Participation: The company raised ₹69 crore from anchor investors by allocating 30.53 lakh shares at the upper end of the price band (₹226 per share).
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- Offer Structure:
- Fresh Issue: 0.88 crore shares to raise ₹200 crore.
- Offer for Sale (OFS): 0.13 crore shares, amounting to ₹30 crore.
- Promoters, Kalamparambil Varkey Tolin and Jerin Tolin, will sell shares worth ₹15 crore each through the OFS. They currently hold an 83.31% stake in the company.
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- Use of Funds:
- ₹75 crore will be allocated to enhance the company’s long-term working capital.
- ₹62.55 crore will be used to pay off existing debt.
- ₹24.36 crore will be invested in the subsidiary, Tolin Rubbers, for debt repayment and working capital support.
- IPO Schedule:
- Subscription Period: September 9 to September 11, 2024.
- Allotment Date: Expected on September 12, 2024.
- Listing Date: Anticipated on September 16, 2024.
- Lot Size: The minimum application is 66 shares, amounting to ₹14,916.
- Grey Market Premium (GMP):
- Shares are trading at a premium of ₹39 in the grey market, indicating a potential listing price of ₹265 per share.
About Tolins Tyres:
Founded in 2003, Tolins Tyres is a leading tyre manufacturing company in India, specializing in tyre retreading solutions. The company exports its products to 40 countries and offers a wide range of products, including tyres for two-wheelers, three-wheelers, light commercial vehicles, and agricultural machinery, as well as tread rubber and various accessories.
Tolins Tyres operates three manufacturing facilities and manages 163 stock-keeping units (SKUs) in the tyre category. Its extensive distribution network includes eight depots and a nationwide presence of 3,737 dealers.
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