IPO
Tolins Tyres’ Rs.230-Cr IPO subscribed 24 times
Kalady, Kerala-based Tolins Tyres IPO was subscribed by 23.5 times. The highest demand was driven by the non-institutional investors, booking the issue by 27 times, followed by the institutional investors, subscribing 25 times. The portion for retail investors saw nearly 21 times subscription.The IPO comprises a fresh issue of equity shares worth INR 200 crore and an offer-for-sale (OFS) of equity shares valued at INR 30 crore. Under the OFS, promoters Kalamparambil Varkey Tolin and Jerin Tolin will sell shares worth INR 15 crore each. The price band for the IPO has been fixed at INR 215-226 apiece. Tolins Tyres had raised INR 69 crore from anchor investors, including BofA Securities Europe SA, NAV Capital VCC and Chhatisgarh Investments. Saffron Capital Advisor is acting as the sole book running lead manager to the issue.The firm will use INR 75 crore to augment long-term working capital requirements and INR 62 crore for repayment of debt. About INR 24 crore will be invested in the company's subsidiary Tolin Rubbers for repaying its debt and supporting its working capital requirements.Tolins Tyres is present in two verticals - manufacturing of new tyres and tread rubber. For FY24, the company recorded INR 227 crore in revenue from operations and INR 26 crore in net profit.
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