Incorporated in 2003, Tolins Tyres Limited is a tyre manufacturing company. The company provides tyre retreading solutions in India and exports to 40 countries, including the Middle East, East Africa, Jordan, Kenya, and Egypt.
The company's business can be divided into two verticals:
- Tyre manufacturing and
- Tread Rubber manufacturing.
As of March 31, 2024, the company's products include Light Commercial Vehicle Tyres, Off Road/Agriculture Tyres (OTR), Two-wheeler & Three-wheeler Tyres, Tyre Tubes & Tyre Flaps, Precured Tread Rubber (PCTR), Conventional Tread Rubber, Bonding Gum, Vulcanizing solution, Rope Rubber & Others.
The company manufactures a range of products, including two-wheelers, three-wheelers, light commercial vehicles, agricultural tyres, tread rubber, and various accessories such as bonding gum, tyre flaps, and vulcanizing solutions.
As of March 31, 2024, the company operated 8 depots and had 3,737 dealers nationwide.
The company operates three manufacturing facilities, with two located at Mattoor in Kalady, Kerala, and the third in Al Hamra Industrial Zone in Ras Al Khaimah, UAE.
The company has 163 stock-keeping units (SKUs) in the tyre category and 1,003 SKUs in the tread rubber category.
The company has obtained various quality certifications such as ISO 9001:2015, IATF 16949:2016 issued by UK Certifications.
The company's clientele includes Marangoni GRP, Kerala Agro Machinery Corporation Ltd (KAMCO), Redlands Motors, and Tyre Grip. etc. for products.
As of March 31, 2024, the company has developed 163 new designs and products and has also created moulds for them.
As of March 31, 2024, the company's sales and marketing team comprised 55 employees, including contract workers who reported to the Chairman and Managing Director.
| Purpose | Amount (₹ Cr) |
|---|---|
| Repayment and/or prepayment, in full, of certain outstanding loans (including foreclosure charges, if any) availed by the Company; | — |
| Augmentation of long-term working capital requirements of the company; | — |
| Investment in the wholly owned subsidiary, Tolin Rubbers Private Limited, to repay and/ or prepay, in full, certain of its short-term and long-term borrowings and augmentation of its working capital requirements; and | — |
| General corporate purposes. | — |
| Metric | 31 Mar 2024 | ||
|---|---|---|---|
| Total Assets | 222 | — | — |
| Revenue | 229 | — | — |
| PAT | 26 | — | — |
| Net Worth | 101 | — | — |
| Reserves | 85 | — | — |
| Total Borrowing | 79 | — | — |
| Category | Sub (x) | Offered | Bid For |
|---|---|---|---|
| QIB | — | 5,088,495 (50%) | — |
| NII / HNI | — | 1,526,549 (15%) | — |
| Retail (RII) | — | 3,561,947 (35%) | — |
| Total | — | 10,176,991 (100%) | — |
* Amount calculated at upper price band (₹226) · ** Total includes all investor categories
- 1 Initiation of Refund 13 Sep 2024
- 2 Credit of Shares to Demat 13 Sep 2024
- 3 Lock-in Period (30%) October 12, 2024
- 4 Lock-in Period (50%) December 12, 2024
- Retail allocation is good at 35% of the total offering.
- HNI/NII demand is good at 15%.
- Institutional (QIB) interest is strong at 50%.
- The IPO P/E of 34x reflects a moderate valuation relative to typical market ranges.
- Pre-issue EPS of ₹8 compares to post-issue EPS of ₹7 after dilution.
This IPO shows moderate investor interest. Review financial details and compare valuation with industry peers before investing.
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