The initial public offer of Tolins Tyres got fully subscribed hours after opening for subscription on Monday.
The initial share sale received bids for 83,90,976 shares against 74,88,372 shares on offer, as per NSE data till 13:51 hours, translating into 1.12 times subscription.
The portion for Retail Individual Investors (RIIs) garnered 2.06 times subscription while the quota for non-institutional investors got subscribed 43 per cent.
Tolins Tyres Ltd on Friday announced that it has mopped up Rs 69 crore from anchor investors.
The company has fixed a price band of Rs 215-226 per share for its initial public offering (IPO).
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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 (OFS) of equity shares to the tune of Rs 30 crore.
Promoters -- Kalamparambil Varkey Tolin and Jerin Tolin -- will offload shares worth Rs 15 crore each through the OFS route. They own 83.31 per cent stake in the company at present.
Of the Rs 200 crore IPO proceeds, Rs 75 crore will be used to augment the long-term working capital requirements of the company and Rs 62.55 crore for payment of debt.
Further, Rs 24.36 crore will be used for investment in the company's subsidiary, Tolin Rubbers for repaying its debt and to support its working capital requirements.
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Tolins Tyres is a leading player in the tyre and treads industry and exports its products to 40 countries, including the Middle East, East Africa, Jordan, Kenya and Egypt.
Saffron Capital Advisors Pvt Ltd is the sole lead merchant banker to the public issue.
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