Tolins Tyres' IPO Sees Overwhelming Response on First Day

Tolins Tyres' initial public offer (IPO) was fully subscribed within hours of its launch, ending the first day with an overall subscription of 1.80 times. The Kerala-based tyre manufacturer aims to raise Rs 200 crore through a combination of fresh equity and an offer-for-sale by its promoters.

Tolins Tyres' initial public offering was fully subscribed within hours of its launch on Monday, swelling to an overall subscription rate of 1.80 times by day's end.

According to NSE data, the IPO attracted bids for 1,34,50,866 shares against the 74,88,372 shares on offer. Retail investors' portion was booked 3.16 times, while non-institutional investors' segment saw an 83 per cent subscription and Qualified Institutional Buyers (QIBs) came in at 12 per cent.

The Kerala-based company aims to raise around Rs 200 crore through fresh equity, combined with an offer-for-sale worth Rs 30 crore by promoters Kalamparambil Varkey Tolin and Jerin Tolin, who each plan to offload shares worth Rs 15 crore.

(With inputs from agencies.)