Tolins Tyres filled draft for IPO

Tolins Tyres, headquartered in Kerala, has submitted initial documents to the capital markets regulator SEBI with the aim of raising Rs 230 crore through an initial public offering (IPO).
According to the draft papers filed on February 16, the IPO will consist of a combination of fresh issuance of equity shares amounting to Rs 200 crore and an offer-for-sale (OFS) of shares valued at Rs 30 crore by the promoters.
The selling shareholders in the OFS will be Kalamparambil Varkey Tolin and his wife Jerin Tolin, each divesting shares worth Rs 15 crore. The promoters currently hold 92.64 percent of the shares in the tyre and tread rubber manufacturer, while the remaining 7.36 percent is held by public shareholders.
Before the submission of the red herring prospectus to the Registrar of Companies, the company may undertake a pre-IPO placement to raise Rs 25 crore.