Tolins Tyres initial public offer (IPO) was subscribed 23.61 times on the last day of subscription on Wednesday, September 11. The initial share sale received bids for over 17 crore shares against 74 lakh shares on offer, according to data available with the NSE.
The Retail Individual Investors (RIIs) part fetched 20.98 times subscription while the category for non-institutional investors got subscribed 27.35 times. The portion meant for Qualified Institutional Buyers (QIBs) was subscribed 25.42 times.
The maiden share sale of Tolins Tyres got subscribed 5.20 times on the second day of subscription on Tuesday. It got fully subscribed within hours of opening of bidding on Monday and ended the first day with an overall over-subscription of 1.80 times. The issue mopped up Rs 69 crore from anchor investors.
The company has set a price band of Rs 215-226 per share for its initial public offering (IPO). The Kerala-based firm's IPO includes a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of shares amounting to Rs 30 crore.
From the Rs 200 crore raised, Rs 75 crore will be allocated to meet the company’s long-term working capital needs, while Rs 62.55 crore will be used for debt repayment.
Additionally, Rs 24.36 crore will be invested in the company’s subsidiary, Tolin Rubbers, to repay its debt and support its working capital needs.
Tolins Tyres, a key player in the tyre and treads industry, exports to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt. Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker for the issue.
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