The Kerala based Tolins Tyres Limited has opened its IPO on Monday with an offer size of equity shares (face value ₹5 each) aggregating up to ₹230 crore. It comprises of fresh issue aggregating up to ₹200 crore and Offer for Sale aggregating up to ₹ 30 crore.
The bid offer will be closed on September 11 and the price band is fixed at ₹215 to ₹ 226 per equity share. Bids can be made for a minimum of 66 equity shares and in multiples of 66 equity shares thereafter, a press release said.
Tolins Tyres is one of the leading players in the industry with all India presence with a diverse product range and is one of the companies that is present in both verticals – manufacturing of new tyres and tread rubber.
It is primarily engaged in manufacturing of bias tyres for comprehensive array of vehicles (including light commercial, agricultural and two/three-wheeler vehicles) and pre-cured tread rubber. It is also involved in manufacturing of ancillary products like bonding gum, vulcanizing solution, tyre flaps and tubes.
The company operates from three manufacturing facilities out of which two are located at Mattoor in Kalady, Kerala and the third one in Al Hamra Industrial Zone in Ras Al Khaimah in UAE.
The company plans to utilize net proceeds of the fresh Issue towards repayment or prepayment of certain outstanding loans amounting ₹69.97 crore; augmentation of long-term working capital requirements amounting ₹75 crore; investment in the wholly owned subsidiary etc.
- Also read: Tolins Tyres IPO: Opens today at ₹215-225