Tolins Tyres IPO subscribed 1.80 times on Day 1, retail investors steal the show; check GMP, subscription status, more

Tolins Tyres IPO subscription status: The initial public offering of Tolins Tyres is off to a good start; despite a flat market, the retail portion of the offering has been completely subscribed. Tolins Tyres IPO subscription status is 1.80 times, as per BSE data.

The IPO received bids for 1,34,72,910 shares against 74,88,372 shares on offer, according to BSE.

The portion for retail investors attracted 3.17 times subscription while the quota for non-institutional investors (NII) got subscribed 83%. The qualified institutional buyers (QIB) portion is booked 12%.

Tolins Tyres IPO has reserved not more than 50% of the shares in the public issue for qualified institutional buyers (QIB), not less than 15% for non-institutional Institutional Investors (NII), and not less than 35% of the offer is reserved for retail investors.

Prior to its initial share-sale opening for public subscription today, the Kerala-based company on Friday, September 6 raised ₹69 crore from anchor. investors. The price band for the company's initial public offering (IPO), which will close on September 11, is ₹215 to ₹226 per share. The Tolins Tyres IPO lot size is 66 equity shares and in multiples of 66 equity shares thereafter.

Leading the tire and treads sector, Tolins Tyres ships its goods to forty nations, including the Middle East, East Africa, Jordan, Kenya, and Egypt. The company's primary products are precured tread rubber and bias tires for a variety of vehicles, including light commercial, agricultural, and two- and three-wheelers. The firm also manufactures ancillary items including tubes, vulcanising solution, bonding gum, and tire flaps.

The company's listed peers include Indag Rubber Ltd (P/E of 39.94), Vamshi Rubber Ltd (P/E of 27.94), TVS Srichakra Ltd (P/E of 33.76), GRP Ltd (P/E of 24.07), and Elgi Rubber Company Ltd (P/E of 45.12), according to the red herring prospectus (RHP).

Tolins Tyres IPO details

Tolins Tyres IPO, which is worth ₹230 crore, comprises a fresh issue of ₹200 crore, and an offer-for-sale (OFS) worth ₹30 crore by the promoters selling shareholders.

As stated in the RHP, Dr. Kalamparambil Varkey Tolin and Jerin Tolin jointly possess 25,541,197 Equity Shares with a face value of ₹5 each, constituting 83.31% of the company's issued, subscribed, and paid-up equity share capital.

Dr. Kalamparambil Varkey Tolin and Jerin Tolin are both selling 15 crore each in the Offer for Sale (OFS).

The company plans to use the money raised from the new issue to fully repay or prepay certain existing loans, increase long-term working capital, invest in our wholly owned subsidiary, and cover general corporate needs.

Saffron Capital Advisors Private Limited serves as the book running lead manager for the Tolins Tyres IPO, and Cameo Corporate Services Limited is responsible for handling the registration of the issue.

Tolins Tyres IPO GMP today

Tolins Tyres IPO GMP today or grey market premium is +25. This indicates Tolins Tyres share price was trading at a premium of ₹25 in the grey market, according to investorgain.com

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Tolins Tyres shares was ₹251 apiece, which is 11.06% higher than the IPO price of ₹226.

According to grey market activity for the previous eight sessions, the IPO GMP is heading upward and a robust listing is anticipated. Experts from investorgain.com state that the lowest GMP is ₹0 and the maximum GMP is ₹30.

'Grey market premium' indicates investors' readiness to pay more than the issue price.

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