Tolins Tyres' IPO Sees Strong Demand with 5.20 Times Subscription on Day Two
Tolins Tyres' initial public offering (IPO) was oversubscribed 5.20 times by the second day. Retail investors showed strong interest, with the segment subscribed 8.39 times. The company aims to raise Rs 230 crore, using proceeds for working capital and debt repayment. Saffron Capital Advisors is the lead merchant banker.
- Country:
- India
The initial public offering (IPO) of Tolins Tyres saw substantial interest, being subscribed 5.20 times on the second day of subscription, Tuesday.
According to NSE data, the IPO received bids for 3,89,17,626 shares against an available 74,88,372 shares. Retail Individual Investors led with an 8.39-times subscription, while non-institutional investors subscribed 4.07 times. Qualified Institutional Buyers (QIBs) participated at 45% subscription levels.
On its first day, the IPO was fully subscribed within hours, closing with an overall subscription of 1.80 times. The company has raised Rs 69 crore from anchor investors and set a price band of Rs 215-226 per share. Of the proceeds, Rs 75 crore will support working capital, Rs 62.55 crore will repay debt, and Rs 24.36 crore will be invested in subsidiary Tolin Rubbers.
Tolins Tyres is a significant player in the tyre industry, exporting to 40 countries. Saffron Capital Advisors Pvt Ltd is the lead merchant banker for the IPO.
(With inputs from agencies.)
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