Tolins Tyres Ltd. has set a price band of Rs 215 to Rs 226 per share for its initial public offering opening next week. The company seeks to raise Rs 230 crore from the primary market. The IPO will open for bidding on Sept. 9 and close on Sept. 11. The anchor book issue will be open for subscription on Sept. 6.
The Kerala-based company's initial share-sale is a combination of fresh issue of equity shares worth Rs 200 crore and an offer for sale of equity shares to the tune of Rs 30 crore, according to the draft IPO papers filed with the Securities and Exchange Board of India.
Promoters Kalamparambil Varkey Tolin and Jerin Tolin will offload shares worth Rs 15 crore each through the OFS route. They own 83.31% stake in the company at present.
Of the IPO proceeds, Rs 75 crore will be used to augment long-term working capital requirements of the company and Rs 62.55 crore for repayment of loans. Further, Rs 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers Pvt., for repaying its debt and to support its working capital requirements.
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About Tolins Tyres
Tolins Tyres is involved in manufacturing of tyres for vehicles including light commercial, agricultural and two and three wheeler vehicles and precured tread rubber. It also produces ancillary products link bonding gum, vulcanising solution, tyre flaps and tubes.
The company exports its products to 40 countries, including those in Middle East, East Africa, Jordan, Kenya and Egypt.
It operates from three manufacturing facilities, of which, two are located at Mattoor in Kalady, Kerala and the third one in Al Hamra Industrial Zone in Ras Al Khaimah in the UAE.
The manufacturing facility is spread over approximately 8.99 acres covering approximate built-up area of 1,26,488 square feet for end-to-end manufacturing of tyres and tread rubber. It includes in-house design development, production and quality testing at various levels in processes from receiving of raw material to final products.
The company reported a revenue from operations of Rs 227 crore in fiscal 2024, of which tyres contributed 24% while tread rubber 76%.
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