Tolins Tyres IPO Opens On 09 Sept; Issue Size Rs 230 Cr
The issue opens on 09 September and will be closed on 11 September
The initial public offering (IPO) of Tolins Tyres opened for public subscription on 09 September in an attempt to raise Rs 230 crore from the public market. The Rs 230 crore IPO consisted of fresh issues of up to Rs 200 crore and an offer-for-sale (OFS) worth Rs 30 crore by promoter and investor-selling shareholders.
The price band for the issue is fixed at Rs 215 to 226 per equity share. Retail investors can bid for a maximum of 13 lots where one lot containing 66 shares requires a minimum capital of 14,916.
The issue opened on 09 September and will be closed on 11 September. The allotment for the issue will be finalised on 12 September followed by its listing on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on 16 September.
Saffron Capital Advisors is the book-running lead manager, while Cameo Corporate Services is the registrar of the offer. The net proceeds of Rs 250 crore from the fresh issue will be utilised towards the investment in the wholly owned subsidiary, Tolin Rubbers and repayment of the outstanding borrowings.
Additionally, the funds will also be used for funding capital expenditure requirements for the purchase of equipment and general corporate purposes. Moreover, the firm will also get benefits on listing in the public market which will enhance the brand’s visibility and provide liquidity to the shareholders.
Meanwhile, Kross registered a revenue of Rs 228.69 crore in FY 23-24, while the profit after tax (PAT) was recorded at Rs 26 crore in FY 24.
