Tolins Tyres IPO Oversubscribed 23.87 Times Amid Strong Investor Demand

The initial public offer of Tolins Tyres garnered impressive investor interest, receiving 23.87 times subscription on its closing day. The Kerala-based company's IPO was oversubscribed within hours of opening and collected Rs 69 crore from anchor investors. A portion of the proceeds will be used for working capital, debt repayment, and subsidiary investments.

Tolins Tyres' initial public offer (IPO) received an overwhelming response, with a subscription rate of 23.87 times on the closing day of bidding. According to NSE data, the IPO attracted bids for 17,87,61,066 shares against the 74,88,372 shares on offer.

The non-institutional investors’ quota was subscribed 27.41 times, while the Qualified Institutional Buyers' (QIBs) category saw 25.42 times subscription. Retail Individual Investors (RIIs) secured 21.47 times subscription. Notably, the IPO was fully subscribed within hours of opening on Monday, achieving an over-subscription rate of 1.80 times by the day's end.

On Friday, Tolins Tyres announced that it raised Rs 69 crore from anchor investors. The company has set a price band of Rs 215-226 per share for its IPO. The share sale includes a fresh issue of equity shares totaling Rs 200 crore and an offer-for-sale (OFS) amounting to Rs 30 crore. The proceeds will be allocated towards long-term working capital, debt repayment, and investments in their subsidiary, Tolin Rubbers.