He price band The IPO price has been fixed at Rs 215-226 per share.
Ahead of the public issue, Tolins Tyres has raised Rs 69 crore from anchor investors. anchor investors The listed companies include BofA Securities Europe SA, NAV Capital VCC, Chhatisgarh Investments, Ashika Global Securities, Moneywise Financial Services, Vikasa India EIF I Fund, Invicta Continuum Fund I and Steptrade Revolution Fund. The company has allotted 30.53 lakh shares to these investors at Rs 226 apiece, the upper limit of the price band.
The IPO comprises a fresh issue of equity shares worth Rs 200 crore and an offer for sale (OFS) of equity shares worth Rs 30 crore. Promoters Kalamparambil Varkey Tolin and Jerin Tolin will sell shares worth Rs 15 crore each through the OFS route. They currently hold 83.31% stake in the company.
Tolins Tyres is present in both sectors – manufacturing of new tyres and tread rubber. It is primarily engaged in manufacturing of bias ply tyres for vehicles (including light commercial vehicles, agricultural vehicles, and two and three wheelers) and pre-cured tread rubber. The company also manufactures ancillary products such as adhesive rubber, vulcanisation solution, tyre skirts and tubes. Tolins Tyres’ competitive strengths lie in its operational efficiency, ensuring on-time delivery, strict quality control and product innovations. For FY24, Tolins Tyres generated revenue of Rs 51 crore from sales of new tyres, accounting for 24% of total sales, with tread rubber contributing the remaining 76%. The company’s profit after tax (PAT) has grown at a CAGR of 541.98% from FY22 (on a standalone basis) to FY24 (on a consolidated basis). For FY24, revenue from operations was Rs 227 crore, with profit at Rs 26 crore. Saffron Capital Advisor is acting as the sole lead book-running manager, while Cameo Corporate Services is the registrar.
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