Tolins Tyres Secures ₹69 Cr from Anchor Investors Ahead of IPO: Upper Price Band Set at ₹226

Tolins Tyres Ltd has raised Rs 69 crore from anchor investors ahead of its upcoming IPO. Some of the key anchor investors include BofA Securities Europe SA, NAV Capital VCC, Chhattisgarh Investments, Ashika Global Securities, and Moneywise Financial Services. In total, 30.53 lakh shares were allocated to these investors at Rs 226 each, which is the upper end of the IPO price range.

The company’s Rs 230-crore IPO will be open for public subscription from September 9 to 11. The price band for the IPO is set between Rs 215 and Rs 226 per share.

The IPO will include a fresh issue of shares worth Rs 200 crore and an offer-for-sale (OFS) of shares valued at Rs 30 crore. The company’s promoters, Kalamparambil Varkey Tolin and Jerin Tolin, will each sell Rs 15 crore worth of shares through the OFS. Currently, they hold an 83.31% stake in the company.

The funds raised from the IPO will be used for various purposes, including Rs 75 crore to support the company’s long-term working capital needs, Rs 62.55 crore to repay debt, and Rs 24.36 crore for investing in Tolin Rubbers, a subsidiary, to repay its debt and assist with its working capital.

Investors can bid for a minimum of 66 equity shares and in multiples of 66 shares thereafter.

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

Saffron Capital Advisors Pvt Ltd is the lead merchant banker for this IPO.