- Price Band fixed at ₹ 215 to ₹ 226 per Equity Share of face value of ₹ 5 each
- Bid Offer will open on Monday, September 09, 2024 and close on Wednesday, September 11, 2024
- The Anchor Investor Bidding Date shall be Friday, September 06, 2024
- Bids can be made for a minimum of 66 Equity Shares and in multiples of 66 Equity Shares thereafter
NE BUSINESS BUREAU
MUMBAI, SEPT 3
Kerala-based Tolins Tyres Limited on Tuesday announced that its initial public offering of Equity Shares is scheduled to open for subscription on Monday, September 9.
The total offer size of Equity Shares (face value ₹ 5 each) aggregating up to ₹230 crore comprises Fresh Issue aggregating up to ₹ 200 crore and Offer for Sale aggregating up to ₹ 30 crore.
The Anchor Investor Bidding date shall be on Friday, September 06, 2024 and the Bid Offer will be closed on Wednesday, September 11, 2024.
The price band of the Offer is fixed at ₹ 215 to ₹ 226 per Equity Share.
Bids can be made for a minimum of 66 Equity Shares and in multiples of 66 Equity Shares thereafter.
Tolins Tyres IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.
The company mainly produces bias tyres for a wide range of automobiles (light commercial, agricultural, and two- and three-wheeler vehicles), as well as precured tread rubber. Ancillary products such as bonding gum, vulcanising solution, tyre flaps, and tubes are also produced by the company.
The company is a thriving business in the retreading and tire manufacturing industry, and their profits-after-taxes have achieved a compound annual growth rate of 541.98% from fiscal 2022 (on a standalone basis) to fiscal 2024 (on a consolidated basis).
Dr. Kalamparambil Varkey Tolin and Jerin Tolin jointly possess 25,541,197 Equity Shares with a face value of ₹5 each, constituting 83.31% of the company’s issued, subscribed, and paid-up equity share capital.
Dr. Kalamparambil Varkey Tolin and Jerin Tolin are both selling 15 crore each in the Offer for Sale (OFS).
Of the IPO proceeds, ₹75 crore will be used to augment long-term working capital requirements of the company and ₹62.55 crore for repayment of loans. Further, ₹24.36 crore will be used for investment in the company’s subsidiary, Tolin Rubbers Pvt., for repaying its debt and to support its working capital requirements.
Tolins Tyres’ consolidated revenue from operations for the fiscal year ended March 31, 2024, stood at ₹227.02 crore. The company reported a consolidated net profit of ₹26 crore in FY24. The company’s net worth stood at ₹100.53 crore in FY24.
Shares of Tolins Tyres Ltd will be listed on the NSE and BSE.
Saffron Capital Advisors Private Limited serves as the book running lead manager for the Tolins Tyres IPO, and Cameo Corporate Services Limited is responsible for handling the registration of the issue.
