Tolins Tyres, a major player in India’s tyre industry, recently completed its Initial Public Offering (IPO). The IPO opened for subscription on September 9 and closed on September 11. This move aims to raise around ₹230 crore for the company. Investors had the chance to buy shares at a price between ₹215 and ₹226 each.
Tolins Tyres is a well-known company that makes and sells tyres. They also offer tyre retreading services and export products to 40 countries. The IPO is a way for the company to raise funds by selling shares to the public. The shares will be listed on two major stock exchanges in India: the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
Subscription Status
The Tolins Tyres IPO has seen a lot of interest from investors. By the third day of the bidding process, the IPO was subscribed 10.18 times. This means investors have shown strong interest in buying the shares, with a total of 7.25 crore shares requested for the 71.23 lakh shares available.
Here’s a breakdown of the subscription status:
- Retail Investors: This group of investors has subscribed 14.33 times. Retail investors are individual buyers who invest their personal savings in the IPO.
- Non-Institutional Investors: These investors have subscribed 11.28 times. Non-institutional investors include companies and high-net-worth individuals who invest in large amounts.
- Qualified Institutional Buyers (QIBs): This segment saw a subscription of 2.10 times. QIBs include large institutions like banks and mutual funds that invest significant sums of money.
Before the IPO opened to the public, Tolins Tyres raised ₹69 crore from anchor investors. Anchor investors are big players who invest in the IPO before it starts trading publicly. They bought 30.53 lakh shares at ₹226 each, the highest end of the price range.
The price range for the shares was set between ₹215 and ₹226 each. Investors had to bid within this range. The minimum number of shares an investor could apply for was 66, which costs ₹14,916.
The IPO allotment date is expected to be September 12, 2024. On this day, the shares will be allocated to those who applied. The shares will then be listed on the BSE and NSE on September 16, 2024. This is when the shares will start trading in the stock market.
The Grey Market Premium (GMP) is an unofficial measure of how much investors expect the shares to be worth when they start trading. As of today, the GMP for Tolins Tyres is ₹39 per share. This means investors expect the shares to be listed at ₹265, which is 17.26% higher than the issue price of ₹226.
The Tolins Tyres IPO has generated significant interest and demand. The subscription figures show that many investors are keen on buying shares of the company. The final allotment and listing of shares will reveal how the market responds to this new investment opportunity. Investors who have applied for shares will need to wait for the allotment results and the stock market debut to see how their investment performs.However, before making any investment, it’s important for potential investors to conduct thorough research and consider their financial goals and risk tolerance. The stock market debut will provide more clarity on how this investment performs, but doing your homework beforehand can help you make an informed decision.
