Tolins Tyres IPO subscribed 23.89 times on final day; check subscription status, other key details

The Tolins Tyres IPO was subscribed 23.89 times on the last day of bidding on Wednesday. The IPO saw an overwhelming response from all categories, received 17,89,26,528 applications against 74,88,372 shares offered.

Vaamanaa Sethi
Published11 Sep 2024, 08:02 PM IST
Tolins Tyres IPO price band: The Tolins Tyres Limited IPO price band has been fixed in the range of  <span class='webrupee'>₹</span>215 to  <span class='webrupee'>₹</span>226 per equity share of the face value of  <span class='webrupee'>₹</span>5.
Tolins Tyres IPO price band: The Tolins Tyres Limited IPO price band has been fixed in the range of ₹215 to ₹226 per equity share of the face value of ₹5.(https://www.tolinstyres.com/)

Tolins Tyres initial public offerings (IPO), which opened for subscription on September 9, was subscribed 23.89 times on the final day of bidding on September 11.

Tolins Tyres was established in 2003 and is one of the top tire manufacturing companies in India. It exports its products to 40 countries and specializes in tyre retreading solutions. The company offers a wide range of products, such as tread rubber, bonding gum, tyre flaps, and vulcanizing solutions, in addition to tires for two-wheelers, three-wheelers, light commercial vehicles, and agricultural machinery.

Also Read | Tolins Tyres IPO ends today: Check subscription status, GMP and other details

Tolins Tyres IPO subscription status

The Tolins Tyres IPO was subscribed 23.89 times on the last day of bidding on Wednesday. The IPO saw an overwhelming response from all categories, received 17,89,26,528 applications against 74,88,372 shares offered.

The subscription breakdown was particularly notable across various segments: the retail investor segment experienced a subscription rate of 21.52 times, non-institutional investors subscribed 27.41 times, and Qualified Institutional Buyers had a bidding rate of 25.42 times.

Tolins Tyres IPO details

The company plans to raise around 230 crore through its offering, which will be listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The IPO price range is set between 215 and 226 per share. Before the public subscription, Tolins Tyres secured 69 crore from anchor investors, who were allocated 30.53 lakh shares at 226 per share, the upper limit of the price band, resulting in a total transaction amount of 69 crore.

The Tolins Tyres IPO includes a new issue of 0.88 crore shares, alongside an offer for sale of 0.13 crore shares, totaling 30 crore.

Also Read | Tolins Tyres IPO: Issue subscribed over 5.22 times so far on Day 2

Promoters Kalamparambil Varkey Tolin and Jerin Tolin will each sell 15 crore worth of shares through the offer for sale (OFS). They currently own an 83.31% stake in the company.

The minimum lot size for the IPO application is 66 shares, amounting to 14,916. The allotment date is projected to be September 12, 2024, and the shares are expected to be listed on the BSE and NSE on September 16, 2024.

Saffron Capital Advisors Private Limited is serving as the book-running lead manager for the IPO, while Cameo Corporate Services Limited is acting as the registrar.

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First Published:11 Sep 2024, 08:02 PM IST
Business NewsMarketsIPOTolins Tyres IPO subscribed 23.89 times on final day; check subscription status, other key details

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