Tolins Tyres IPO Fully Subscribed Within Hours of Opening

Tolins Tyres' IPO was fully subscribed within hours of opening, receiving bids for over 83.9 lakh shares against the offered 74.88 lakh shares, translating to 1.12 times subscription. The company raised Rs 69 crore from anchor investors and set a price band of Rs 215-226 per share.

Tolins Tyres' initial public offering (IPO) was fully subscribed within hours of opening for subscription on Monday. The IPO received bids for 83,90,976 shares against the 74,88,372 shares on offer, resulting in a 1.12 times subscription rate, according to NSE data as of 13:51 hours.

The Retail Individual Investors (RIIs) category garnered a 2.06 times subscription, while the non-institutional investors' quota was subscribed 43 percent. On Friday, the Kerala-based company announced securing Rs 69 crore from anchor investors.

Tolins Tyres has set a price band of Rs 215-226 per share for its initial public offering. The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of shares amounting to Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will sell shares worth Rs 15 crore each through the OFS route, reducing their current 83.31 percent stake in the company.

(With inputs from agencies.)