Tue Sep 10 23:21:01 UTC 2024: ## Tolins Tyres IPO Oversubscribed, Trading at Premium in Grey Market

**Mumbai, September 10, 2023:** The initial public offering (IPO) of Tolins Tyres Ltd, a leading tyre manufacturer and retreader in India, has witnessed strong investor interest, with the issue oversubscribed on the second day of bidding.

The IPO, which opened for subscription on September 9 and closes on September 11, aims to raise ₹230 crore. The issue has already been subscribed 5.22 times overall, with particularly strong demand in the retail category (8.41 times).

The strong demand is reflected in the grey market premium (GMP), which currently stands at ₹39 per share. This means that Tolins Tyres shares are trading at a premium of 17.26% over the IPO price of ₹265 per share.

Analysts are positive about the long-term prospects of the company, citing the growth potential of the Indian tyre industry and Tolins Tyres’ strategic plan to optimize production, expand its market reach, and introduce new products.

The company plans to utilize the IPO proceeds for debt repayment, working capital requirements, investment in its subsidiary, and general corporate purposes.

The IPO is expected to be allotted on September 12 and will be listed on BSE and NSE on September 16.

**Key Highlights:**

* IPO price band: ₹215 – ₹226 per share
* Total issue size: ₹230 crore
* Oversubscription: 5.22 times overall
* Grey market premium: ₹39 per share
* Listing date: September 16

**Disclaimer:** This article is for informational purposes only and should not be considered investment advice. Consult with a financial professional before making any investment decisions.

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