After successful three-days bidding, the shares of Tolins Tyres are all set to make its debut on the Indian stock exchanges on September 16. The allotment of the IPO was finalised on Thursday, September 11.
Ahead of the listing, the shares of Tolins Tyres are commanding a premium of ₹30 in the grey market, as per investorgain. This means that the estimated listing price of the Tolins Tyres is likely to be ₹256, which is 13.27 per cent higher than the IPO price of ₹226.
According to investorgain, the lowest GMP of Tolins Tyres IPO is ₹0, while the highest GMP is ₹39. Based on grey market trends, the stock is anticipated to provide positive returns for investors.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
However, it’s crucial to understand that grey market premiums serve merely as an indicator of how the company’s shares are viewed in the unlisted market and can fluctuate quickly.
Tolins Tyres IPO subscription status
The Tolins Tyres IPO was oversubscribed 23.89 times on the final day of bidding, which was Wednesday. The IPO attracted a remarkable response across all investor categories, receiving 17,89,26,528 applications for the 74,88,372 shares available.
The subscription rates were particularly impressive across different segments: retail investors subscribed at a rate of 21.52 times, non-institutional investors at 27.41 times, and Qualified Institutional Buyers (QIBs) at 25.42 times.
Tolins Tyres IPO details
The company aimed to raise approximately ₹230 crores through its initial public offering (IPO), which will be listed on both the BSE and NSE.
The price range for the Tolins Tyres IPO was been set between ₹215 and ₹226 per share. Prior to the public subscription, the company secured ₹69 crores from anchor investors, who were allocated 30.53 lakh shares at ₹226 per share, the upper limit of the price band.
Promoters Kalamparambil Varkey Tolin and Jerin Tolin will each offload shares worth ₹15 crore through the offer-for-sale (OFS) component of the Tolins Tyres IPO. The two promoters collectively hold an 83.31 per cent stake in the company prior to the public issue.
Saffron Capital Advisors Private Limited has been appointed as the book-running lead manager for the IPO, while Cameo Corporate Services Limited will serve as the registrar for the offering.