Thu Dec 05 16:09:05 UTC 2024: **Emerald Tyre Manufacturers IPO Oversubscribed on First Day**
MUMBAI, INDIA – December 5, 2023 – The initial public offering (IPO) of Emerald Tyre Manufacturers Ltd., a manufacturer and supplier of “GRECKSTER” brand tires, opened today and has been significantly oversubscribed. The SME IPO, listed on the NSE SME, saw 15.84 times oversubscription within hours of its launch.
By 12:15 PM, the IPO received bids for 5.42 crore equity shares, exceeding the offer of 34.21 lakh shares. Retail investors alone oversubscribed the offering by 27.37 times, while Non-Institutional Investors (NIIs) subscribed 10.04 times. Qualified Institutional Buyers (QIBs) are yet to participate.
The IPO, priced between ₹90 and ₹95 per share, aims to raise ₹49.26 crore through a combination of fresh issue and offer-for-sale. The grey market premium (GMP) is currently ₹75 per share, indicating a strong market sentiment.
The IPO remains open until December 9th, with allotment expected on December 10th and listing anticipated on December 12th. The minimum investment for retail investors is ₹114,000 (1200 shares). GYR Capital Advisors is the book running lead manager, and Link Intime India is the registrar.
*Disclaimer: This news article is for informational purposes only and does not constitute investment advice.*
First Piper 