look news india
Tolins Tyres IPO : Tyre manufacturing company – Tolins Tyres Ltd on Tuesday said it will open its initial public offering (IPO) on September 9 at Rs. 215-226 over the issue price. As for the grey market premium, it is Rs. 25. This represents a premium of over 11%. Thus the listing of shares at Rs. 250 may cross Rs. 250. Tyre maker Tolins Tyres said its Rs. 230 crore IPO will close on September 11. While anchor investors will be able to bid for shares on September 6.
New shares worth Rs 200 crore
The IPO of this Kerala-based company includes the sale of shares worth Rs 30 crore held by existing promoters in addition to new shares worth Rs 200 crore. Importantly, Tollins Tire will use the proceeds from the IPO to meet working capital requirements, repay debt and invest in its subsidiaries. The company's promoters Kalamparambil Varkey Tollin and Zarin Tollin will sell shares worth Rs 15 crore through the offer-for-sale route. They currently hold 83.31 percent stake in the company. The possible listing date of this IPO will be September 16. So one lot of the IPO will have 66 shares. According to this, a minimum investment of Rs 14916 will have to be made in the IPO.
About the Company
Mentolins Tyres exports its products to around 40 countries including West Asia, East Africa, Jordan, Kenya and Egypt. The company has three manufacturing facilities. Two of them are located at Mattur in Kalady, Kerala and the third is located at Al Hamra Industrial Area in Ras Al Khaimah in the UAE. The company in FY24 reported revenue from operations of Rs 227 crore, with tyres contributing 24% while trade rubber contributed 76%.”
