The initial public offer (IPO) of Tolins Tyres received 17,89,26,528 bids for shares as against 74,88,372 shares on offer. The issue was subscribed 23.89 times.
The Non Institutional Investors (NIIs) category was subscribed 27.41 times. The Qualified Institutional Buyers (QIBs) category was subscribed 25.42 times. The Retail Individual Investors (RIIs) category was subscribed 21.52 times.
The issue opened for bidding on 9 September 2024 and it closed on 11 September 2024. The price band of the IPO was fixed between Rs 215 to 226 per share.
The IPO comprised a fresh issue of equity shares worth up to Rs 200 crore and an offer for sale (OFS) totaling Rs 30 crore by existing shareholders Dr. Kalamparambil Varkey Tolin and Jerin Tolin.
The objectives of the fresh issue included Rs 69.96 crore to be used for repayment and/or prepayment of certain outstanding loans, Rs 75 crore for augmenting long-term working capital requirements, Rs 23.15 crore for investment in wholly owned subsidiary Tolin Rubbers, and for general corporate purposes.
Promoters Dr Kalamparambil Varkey Tolin and Jerin Tolin and the promoter group holds an aggregate of 2, 84, 00,899 equity shares, aggregating to 92.64% of the pre-offer issued and paid-up equity share capital. Their post- IPO shareholding is expected to be around 68.53%.
Ahead of the IPO, Tolins Tyres on 6 September 2024, raised Rs 68.99 crore from anchor investors. The board allotted 30.53 lakh shares at Rs 226 each to 8 anchor investors.
Tolins Tyres is a tyre manufacturer of bias tyres used in a comprehensive range of vehicles, including light commercial, agricultural, and two- and three-wheeler vehicles as well as precured tread rubber. Ancillary products include bonding gum, vulcanizing solutions, tyre flaps, and tubes.
The business is divided into two main verticals: new tyre manufacturing and tread rubber production. Tyre retreading solutions are offered in India and exported to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt. Exports contributed 5.38% to consolidated revenue, while the domestic market accounted for 94.62% in FY 2024.
The firm reported a consolidated net profit of Rs 26.01 crore and Sale of Rs 227.22 crore for the twelve months ended on 31 March 2024.