Tolins Tyres IPO Open, Check GMP And Other Details Before Subscribing
Official data revealed that the initial public offering (IPO) has so far been subscribed 3.06 times and received bids for 2.29 crore equity shares against 74.88 lakh shares on offer
Tolins Tyres opened its maiden issue for subscription on September 9, 2024. The issue has generated strong demand from investors and stands oversubscribed already on the second day of the bidding process. The subscription window for the issue will close on September 11, 2024.
Official data revealed that the initial public offering (IPO) has so far been subscribed 3.06 times and received bids for 2.29 crore equity shares against 74.88 lakh shares on offer, reported Mint.
The retail category bid for the issue 5.32 times, while non-institutional investors (NII) subscribed for the IPO 1.72 times. The issue was trading at a grey market premium of 16 per cent, indicating average returns for the investors post listing.
The grey market is an unofficial market that runs parallel to the stock market and allows investors a space to trade shares or applications before they are officially launched on the exchanges. The Grey Market Premium (GMP) is used to understand how investors are reacting towards the IPO.
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The maiden issue is priced in the range of Rs 215 to Rs 226 per share. It comprises a fresh issue of 88.49 lakh equity shares coming up to Rs 200 crore and an offer-for-sale (OFS) of 13.27 lakh shares worth Rs 30 crore.
The firm intends to utilise the funds raised from the issue towards repayment of outstanding dues, catering to long-term working capital requirements, and investment in its wholly-owned subsidiary, Tolin Rubbers Private Limited.
The book-running lead manager of the issue is Saffron Capital Advisors Pvt Ltd, while Cameo Corporate Services Ltd is acting as the IPO registrar.
The final allotment of the public issue is expected on September 12, while the shares will make their debut in the stock market on September 16, 2024. The shares of the company will be listed on the BSE and NSE.