Tolins Tyres IPO: Tire manufacturing company Tolins Tyres Limited said on Tuesday that the issue price has been fixed at Rs 215-226 per share for its initial public offering (IPO) opening on September 9. Talking about the gray market premium, it is Rs 25. This shows a premium of more than 11%. In this way, the listing of the stock can cross Rs 250. Tire manufacturing company Tolins Tyres said that its IPO of Rs 230 crore will close on September 11. At the same time, major (anchor) investors will be able to bid for the shares on September 6.
New shares worth Rs 200 crore
The IPO of this Kerala-based company includes new shares worth Rs 200 crore, besides a sale offer of shares worth Rs 30 crore held by the promoters. Let us tell you that Tolins Tire will use the proceeds from the IPO to meet working capital requirements, debt repayment and investment in its subsidiary. The company’s promoters Kalamparambil Varkey Tolin and Jerin Tolin will sell shares worth Rs 15 crore each through the offer for sale route. Currently, they hold 83.31% stake in the company. The estimated listing date of this IPO is 16 September 2024. At the same time, one lot of the IPO will have 66 shares. In this sense, a minimum investment of Rs 14916 will have to be made in the IPO.
About the Company
Tolins Tyres exports its products to around 40 countries including West Asia, East Africa, Jordan, Kenya and Egypt. The company has three manufacturing facilities. Two of these are located at Mattur in Kalady, Kerala and the third is located at Al Hamra Industrial Area in Ras Al Khaimah in the UAE. The company reported revenue from operations of Rs 227 crore in FY24, with tyres contributing 24% while tread rubber contributed 76%.