Breaking News: Skyrocketing Demand! Tolins Tyres IPO Oversubscribed 3x on Day 2 – All Details Inside
Tolins Tyres IPO Oversubscribed on Day 2
Tolins Tyres’ initial public offering (IPO) has garnered significant attention, oversubscribing 2.92 times by the second day. The IPO, which opened on September 9, 2024, saw bids for 2,18,55,108 shares against the 74,88,372 shares on offer by 11:36 AM on its second day. Retail Individual Investors (RIIs) showed the highest interest, subscribing 5.07 times, while Non-Institutional Investors (NIIs) subscribed 1.63 times. Qualified Institutional Buyers (QIBs) showed comparatively less interest with a subscription rate of 0.12 times.
The market sentiment towards Tolins Tyres is optimistic, with grey market sources predicting a listing premium of 17%.
IPO Details
- Issue Type: Book-built, Rs 230 crore
- Fresh Issue: 8.8 million shares, Rs 200 crore
- Offer for Sale: 0.013 million shares, Rs 30 crore
- Price Band: Rs 215 – Rs 226 per share
- Application Period: Concludes on September 11, 2024
- Allotment Date: Likely on September 12, 2024
- Listing Date: Tentatively September 16, 2024
- Minimum Lot Size: 66 shares, Rs 14,916
Proceeds from the IPO will be utilized to repay outstanding loans, supplement long-term working capital, and invest in a subsidiary.
Saffron Capital Advisors Pvt Ltd is managing the IPO, with Cameo Corporate Services Ltd serving as the registrar.
About Tolins Tyres
Tolins Tyres, known for its tyre retreading solutions, exports to 40 countries. Its product range includes tyres for various vehicles, tread rubber, and accessories like bonding gum and tyre flaps. The company operates three manufacturing facilities, maintains 163 tyre SKUs, and has a robust distribution network comprising eight depots and 3,737 dealers nationwide.
First Published: Sep 10 2024 | 12:51 PM IST
Original Story https://www.business-standard.com/markets/news/in-demand-tolins-tyres-ipo-oversubscribed-3x-on-day-2-all-details-here-124091000527_1.html
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