Tolins Tyres IPO Kicks Off with Promising Grey Market Premium of ₹44: Subscription Details and Key Highlights

Tolins Tyres IPO Kicks Off with Promising Grey Market Premium of ₹44: Subscription Details and Key Highlights. Tolins Tyres Ltd has officially opened its ₹230 crore Initial Public Offering (IPO) for public subscription starting today,

Tolins Tyres IPO Kicks Off with Promising Grey Market Premium of ₹44

Tolins Tyres Ltd has officially opened its ₹230 crore Initial Public Offering (IPO) for public subscription starting today, September 9, 2024, and will continue until September 11, 2024. The price band for the IPO is set between ₹215 and ₹226 per share, with a lot size of 66 shares.

Investors, especially retail participants, have shown early interest, with the Grey Market Premium (GMP) for the shares standing at ₹44, suggesting a potential listing price of ₹270. This indicates a possible gain of approximately 19.47% over the issue price, signaling strong market confidence in the offering.

The Kerala-based company, known for its diverse range of tyre products, plans to use the proceeds from this IPO primarily to finance working capital requirements and pay down existing debt.

Out of the total issue, ₹200 crore will be allocated for these purposes, while the remaining ₹30 crore will come from an offer-for-sale by existing shareholders.

While the IPO has garnered attention in the grey market, it remains to be seen how institutional investors and broader market participants will respond.

The listing date for Tolins Tyres shares is set for September 16, 2024, on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).

This strong GMP trend reflects heightened investor interest, but potential investors should still consider company fundamentals and market conditions before making a decision.

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