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Tolins Tyres IPO is a book-built issue of Rs 230.00 crores. The issue is a combination of a fresh issue of 0.88 crore shares aggregating to Rs 200.00 crores and an offer for sale of 0.13 crore shares aggregating to Rs 30.00 crores.
The IPO bidding opened for subscription on September 9, 2024, and will close on September 11, 2024. The price band is set at ₹215 to ₹226 per share. The minimum lot size for an application is 66 Shares.
Company Summary
Incorporated in 2003, Tolins Tyres Limited is a tyre manufacturing company. The company provides tyre retreading solutions in India and exports to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt.
The company’s business can be divided into two verticals:
1. Tyre manufacturing
2. Tread Rubber manufacturing.
As of March 31, 2024, the company’s products include Light Commercial Vehicle Tyres, Off Road/Agriculture Tyres (OTR), Two-wheeler & Three-wheeler Tyres, Tyre Tubes & Tyre Flaps, Precured Tread Rubber (PCTR), Conventional Tread Rubber, Bonding Gum, Vulcanizing solution, Rope Rubber & Others.
The company manufactures a range of products, including two-wheelers, three-wheelers, light commercial vehicles, agricultural tyres, tread rubber, and various accessories such as bonding gum, tyre flaps, and vulcanizing solutions.
The company operates three manufacturing facilities, with two located at Mattoor in Kalady, Kerala, and the third in Al Hamra Industrial Zone in Ras Al Khaimah, UAE.
The company’s clientele includes Marangoni GRP, Kerala Agro Machinery Corporation Ltd (KAMCO), Redlands Motors, and Tyre Grip. etc. for products.
As of March 31, 2024, the company has developed 163 new designs and products and has also created moulds for them and the company’s sales and marketing team comprised 55 employees, including contract workers who reported to the Chairman and Managing Director.
Company Financials
| Period Ended | 31 Mar 2024 |
| Assets | 221.6 |
| Revenue | 228.69 |
| Profit After Tax | 26.01 |
| Net Worth | 100.53 |
| Reserves and Surplus | 85.07 |
| Total Borrowing | 78.77 |
Amount in ₹ Crore | |
Objectives of the IPO
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects
1. Repayment and/or prepayment, in full, of certain outstanding loans (including foreclosure charges, if any) availed by the Company.
2. Augmentation of long-term working capital requirements of the company.
3. Investment in the wholly owned subsidiary, Tolin Rubbers Private Limited, to repay and/ or prepay, in full, certain of its short-term and long-term borrowings and augmentation of its working capital requirements.
4. General corporate purposes.
Promoters of the company
The Promoters of our Company are Dr.Kalamparambil Varkey Tolin and Jerin Tolin. The promoters together hold 25,541,197 Equity Shares of face value of ₹5 each, representing 83.31% of the issued, subscribed, and paid-up Equity Share capital of the Company.
IPO details
| IPO Date | September 9, 2024 to September 11, 2024 |
| Listing Date | Monday, September 16, 2024 |
| Face Value | ₹5 per share |
| Price Band | ₹215 to ₹226 per share |
| Lot Size | 66 Shares |
| Total Issue Size | 10,176,992 shares (aggregating up to ₹230.00 Cr) |
| Fresh Issue | 8,849,558 shares (aggregating up to ₹200.00 Cr) |
| Offer for Sale | 1,327,434 shares of ₹5 (aggregating up to ₹30.00 Cr) |
| Issue Type | Book Built Issue IPO |
| Listing At | BSE, NSE |
Lot Allocation details
| Application | Lots | Shares | Amount |
| Retail (Min) | 1 | 66 | ₹14,916 |
| Retail (Max) | 13 | 858 | ₹193,908 |
| S-HNI (Min) | 14 | 924 | ₹208,824 |
| S-HNI (Max) | 67 | 4,422 | ₹999,372 |
| B-HNI (Min) | 68 | 4,488 | ₹1,014,288 |
Allotment Schedule
| Basis of Allotment | Thursday, September 12, 2024 |
| Initiation of Refunds | Friday, September 13, 2024 |
| The credit of Shares to Demat | Friday, September 13, 2024 |
| Listing Date | Monday, September 16, 2024 |
| Cut-off time for UPI mandate confirmation | 5 PM on September 11, 2024 |
IPO Reservation
| Investor Category | Shares Offered |
| Anchor Investor Shares Offered | 30,53,097 (30%) |
| QIB Shares Offered | 20,35,398 (20%) |
| NII (HNI) Shares Offered | 15,26,549 (15%) |
| Retail Shares Offered | 35,61,947 (35%) |
| Total Shares Offered | 1,01,76,991 (100%) |
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