Tolins Tyres Shares Make Flat Market Debut With Marginal Gains

Shares of Tolins Tyres Ltd had a subdued debut on the stock market on Monday, closing slightly above the issue price of Rs 226. On the NSE, Tolins Tyres shares began trading at Rs 228, up 0.88 per cent from the issue price, and peaked at Rs 239.40, marking a 5.92 per cent gain, the highest permissible limit for the day. The proceeds from the IPO will be used to meet various financial needs, including Rs 75 crore allocated to long-term working capital, Rs 62.55 crore for debt repayment, and Rs 24.36 crore for investing in its subsidiary, Tolin Rubbers. Tolins Tyres' intends to utilise the net proceeds from the fresh issue to repay or prepay certain outstanding loans, including any applicable foreclosure charges.