Tolins Tyres Raises Rs 68 Crore From Anchor Investors
The IPO consists of a fresh issue of shares worth Rs 200 crore, as well as an offer for sale worth Rs 30 crore.
Tolins Tyres Ltd. raised Rs 68 crore from anchor investors on Friday ahead of its initial public offering. The company allotted 30.5 lakh shares at Rs 226 apiece to eight anchor investors.
BofA Securities Europe SA-ODI got the highest allocation of 23.19%. NAV Capital VCC-NAV Capital Emerging Star Fund got the second-highest allotment of 20.32%.
Tolins Tyres' IPO will open on Sept. 9. The company is looking to raise Rs 230 crore via the offering, which will close on Sept. 11.
The IPO consists of a fresh issue of shares worth Rs 200 crore as well as an offer for sale of shares worth Rs 30 crore. The company has set a price band of Rs 215–226 per share.
The market valuation of the company at the upper end of the price band is Rs 893 crore. The offer, which concludes on Sept. 11, is set to list on the BSE and the National Stock Exchange.
Of the IPO proceeds, Rs 69.9 crore will be used for repayment of borrowings, Rs 75 crore will be for working capital requirements, Rs 15.1 crore will be utilised by repayment of India subsidiary loans, and Rs 8 crore will be used for working capital of India subsidiary.
