Tolins Tyres IPO opens for subscription: Check price band, lot size, key dates and more

Tolins Tyres IPO opened for subscription on Monday, September 9. The initial share sale, which will conclude on September 11, has set a price band of ₹215-₹226 per share.

The Kerala-based company's ₹230 crore initial public offering is a mix of fresh issue of equity shares worth ₹200 crore and an offer-for-sale (OFS) component of ₹30 crore.

Under the OFS, Promoters -- Jerin Tolin and Kalamparambil Varkey Tolin -- will divest stakes worth ₹15 crore each. Currently, they own 83.31% stake in the company.

Bids can be made for at least 66 shares and multiples afterwards.

Prior to the IPO, Tolins Tyres raised ₹69 crore on Friday in the anchor round from investors such as BofA Securities Europe SA, Chhatisgarh Investments, NAV Capital VCC, Ashika Global Securities, Moneywise Financial Services, Invicta Continuum Fund I, Steptrade Revolution Fund, and Vikasa India EIF I Fund.

The company allotted 30.53 lakh equity shares to these investors at ₹226 a unit, the upper price band.

The money raised will be used to repay debt, augment long-term working capital requirements, invest in its subsidiary, and for general corporate purposes.

Tolins Tyres IPO: Key dates

• Bidding period: September 9 to September 11
• Allotment finalisation: September 12
• Refund initiation: September 13
• Demat transfer: September 13
• Listing: September 16

About Tolins Tyres

Tolins Tyres is a key player in the tyre and treads industry and exports its products internationally to 40 countries, including the Middle East, Jordan, Kenya, East Africa and Egypt.

Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker to the public issue. The company's shares will be listed on the NSE and the BSE.