Tolins Tyres IPO: The IPO of tyre manufacturing company Tolins Tyres Limited is going to open on 9 September. The closing of this IPO is going to be on 11 September. Before the start of the share sale of the IPO, the company has raised Rs 69 crore from anchor investors. Let us tell you that BofA Securities Europe SA, NAV Capital VCC, Chhattisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikas India EIF I Fund, Invicta Continuum Fund I and Steptrade Revolution Fund are anchor investors.
Issue price of Rs 226
The issue price for Tolins Tyres Limited’s IPO has been fixed at Rs 215-226 per share. The grey market premium is Rs 30. Accordingly, the stock can be listed at Rs 256. This represents a premium of 13.27%. The IPO of this Kerala-based company includes a sale offer of shares worth Rs 30 crore held by the promoters in addition to new shares worth Rs 200 crore. The IPO can be bid for a minimum of 66 equity shares and in multiples of 66 equity shares thereafter.
The company’s promoters – Kalamparambil Varkey Tolin and Jerin Tolin, will sell shares worth Rs 15 crore each through the offer for sale. They currently hold 83.31 per cent stake in the company. Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker for the public issue.
what will happen to the money
Tollins Tyres will use the proceeds from the IPO to meet working capital requirements, debt repayment and investment in its subsidiaries. Tollins Tyres exports its products to about 40 countries including West Asia, East Africa, Jordan, Kenya and Egypt. Let us tell you that the estimated date of allotment of the IPO is 12 September 2024. At the same time, the estimated date of listing of the IPO is 16 September 2024.