Tolins Tyres IPO Listing: GMP Indicates Strong Demand as Shares Set to Debut at ₹30 Premium!
Tolins Tyres shares are set to make their debut on the Indian stock exchanges this Monday, September 16. Before the listing, the company’s shares are showing a grey market premium (GMP) of ₹30, according to investorgain.com. This means investors are willing to pay ₹30 more than the IPO price.
Based on the highest price of the IPO and the current grey market premium, Tolins Tyres could list at ₹256 per share, which is 13.2% higher than the issue price of ₹226.
The company’s IPO, worth ₹230 crore, was open for subscription from September 9 to September 11, 2024. The price range for the shares was between ₹215 and ₹226, and they will list on both the BSE and NSE.
The issue included a fresh issue of 0.88 crore shares worth ₹200 crore and an offer for sale of 0.13 crore shares worth ₹30 crore. The IPO was well-received, being subscribed 25 times in total. Non-institutional investors subscribed 28 times, QIBs 26 times, and retail investors 22.45 times, as per Chittorgarh.com.
The company plans to use the money from the fresh issue to fully repay or prepay some loans and cover related costs. A portion will go towards meeting the company’s long-term working capital needs, and some will be invested in its subsidiary, Tolin Rubbers Private Limited, for similar purposes. The rest will be used for general corporate purposes.
About Tolins Tyres
Tolins Tyres is a well-known player in the tyre and tread industry in India, with a wide range of products. It operates in two main areas: making new tyres and tread rubber. The company is a key provider of tyre retreading services across India and exports to over 40 countries, including the Middle East, East Africa, and Egypt.
Its product line includes tyres for two-wheelers, three-wheelers, light commercial vehicles, agricultural tyres, as well as precured tread rubber and related accessories like bonding gum and tyre flaps. The company primarily focuses on manufacturing bias tyres for a variety of vehicles and produces other tyre-related products such as tubes and vulcanizing solutions.
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