Tolins Tyres IPO Oversubscribed 23.87 Times

New Delhi, Sep 11 (PTI) The initial public offer of Tolins Tyres received 23.87 times subscription on the closing day of bidding on Wednesday.

The initial share sale received bid for 17,87,61,066 shares against 74,88,372 shares on offer, according to NSE data.

The quota for non-institutional investors fetched 27.41 times subscription while the category for Qualified Institutional Buyers (QIBs) got subscribed 25.42 times. The Retail Individual Investors (RIIs) attracted 21.47 times subscription.

The initial public offer of Tolins Tyres got fully subscribed within hours of opening of bidding on Monday and ended the first day with an overall over-subscription of 1.80 times.

Tolins Tyres Ltd on Friday announced that it has mopped up Rs 69 crore from anchor investors.

The company has fixed a price band of Rs 215-226 per share for its initial public offering (IPO).

The Kerala-based company's initial share sale is a combination of a fresh issue of equity shares worth Rs 200 crore and an offer-for-sale (OFS) of equity shares to the tune of Rs 30 crore.

Of the Rs 200 crore IPO proceeds, Rs 75 crore will be used to augment the long-term working capital requirements of the company and Rs 62.55 crore for payment of debt.

Further, Rs 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers for repaying its debt and to support its working capital requirements.

Tolins Tyres is a leading player in the tyre and treads industry and exports its products to 40 countries, including the Middle East, East Africa, Jordan, Kenya and Egypt.

Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker to the public issue.