Tolins Tyres IPO Fully Subscribed: 1.80 Times Oversubscribed

New Delhi, Sep 9 (PTI) 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.

The initial share sale received bids for 1,34,50,866 shares against 74,88,372 shares on offer, according to NSE data.

The Retail Individual Investors' portion was booked 3.16 times while the quota for non-institutional investors got subscribed 83 per cent. The Qualified Institutional Buyers (QIBs) part got subscribed 12 per cent.

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.

Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present.

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.