Tue Dec 10 09:29:40 UTC 2024: **Emerald Tyre Manufacturers IPO Oversubscribed 531 Times**

MUMBAI, India – Emerald Tyre Manufacturers Limited’s initial public offering (IPO) has been massively oversubscribed, closing on December 9th after receiving overwhelming investor interest. The IPO, which opened on December 5th, was fully subscribed within hours of its launch. It ultimately garnered a subscription of approximately 531 times its offering size. The IPO price band was set at ₹95 per share.

The SME IPO, listed on the NSE SME platform, saw particularly strong demand in the retail category (558.11 times oversubscribed) and from non-institutional investors (NIIs) at 912.18 times. Qualified Institutional Buyers (QIBs) subscribed 195.95 times. Emerald Tyre Manufacturers manufactures and supplies a detailed chain of tyres under the brand name GRECKSTER.

The grey market is indicating a strong positive sentiment for Emerald Tyre Manufacturers shares. Investorgain.com reports a grey market premium of ₹95 per share, suggesting a potential listing price of ₹190 (double the IPO price). This represents a 100% premium. The company’s shares are scheduled to list on December 12th.

The IPO aimed to raise ₹49.26 crore through a book-built issue, comprising ₹47.37 crore from the sale of 49.86 lakh fresh equity shares and ₹1.89 crore from an offer-for-sale (OFS) of 1.99 lakh shares. The IPO lot size was 1200 shares, requiring a minimum investment of ₹114,000 for retail investors. Gyr Capital Advisors acted as the book-running lead manager, while Link Intime India was the registrar.

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