Exciting Milestone: Tolins Tyres Secures Impressive Rs 69 Cr from Anchor Investors Ahead of Blockbuster IPO
Tolins Tyres Secures Rs 69 Crore from Anchor Investors Ahead of IPO
Tolins Tyres Ltd announced on Friday that it has raised Rs 69 crore from anchor investors before its initial public offering (IPO) opens for public subscription. The anchor investors include BofA Securities Europe SA, NAV Capital VCC, Chhattisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I, and Steptrade Revolution Fund. A total of 3.053 million shares have been allotted to these investors at Rs 226 each, which is the upper limit of the price band.
The Kerala-based company’s Rs 230-crore IPO will be available for public subscription from September 9 to 11, with a price band set between Rs 215 to Rs 226 per share. The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares amounting to Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each through the OFS route. They currently hold an 83.31% stake in the company.
Out of the Rs 200 crore raised, Rs 75 crore will be allocated to augment the company’s long-term working capital needs, and Rs 62.55 crore will be utilized for debt repayment. Additionally, Rs 24.36 crore will be invested in the company’s subsidiary, Tolin Rubbers, to repay its debt and support working capital needs. Potential investors can bid for a minimum of 66 equity shares and in multiples thereafter.
Tolins Tyres is a prominent player in the tyre and treads industry, exporting its products to 40 countries, including regions such as the Middle East, East Africa, Jordan, Kenya, and Egypt. Saffron Capital Advisors Pvt Ltd is serving as the sole lead merchant banker for the public issue.
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Original Story https://www.business-standard.com/markets/ipo/tolins-tyres-garners-rs-69-cr-from-anchor-investors-ahead-of-its-ipo-124090601313_1.html
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