Tue Dec 10 12:10:00 UTC 2024: ## Emerald Tyre Manufacturers IPO Oversubscribed 530 Times, Listing Expected Thursday

**MUMBAI, India – December 10, 2024** – Emerald Tyre Manufacturers’ initial public offering (IPO) concluded with phenomenal success, being oversubscribed a staggering 530.59 times. The three-day bidding period (December 5-9) saw exceptionally strong interest from retail and non-institutional investors, whose portions were subscribed 558.11 and 912.18 times, respectively. The IPO, priced between Rs 90 and Rs 95 per share, raised a total of Rs 49.26 crore (approximately $6 million USD).

The allotment of shares will be finalized on December 10th, with investors receiving updates on fund debits or IPO mandate revocations by December 11th. The shares are set to list on the NSE’s Emerge platform on December 12th.

The high demand has driven a significant grey market premium (GMP), currently estimated at Rs 95, suggesting a potential 100% increase in share price upon listing. This makes Emerald Tyre Manufacturers a strong contender for SME multibagger status.

Chennai-based Emerald Tyre Manufacturers, founded in 2002, manufactures and supplies a wide range of tyres under the brand name ‘GRECKSTER,’ including solid resilient tyres, press bands, and industrial pneumatic tyres. GYR Capital Advisors acted as the sole book running lead manager, Link Intime India as the registrar, and Giriraj Stock Broking as the market maker.

Investors can check their allotment status on the NSE website (https://www.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp) or the Link Intime India portal (https://linkintime.co.in/MIPO/Ipoallotment.html).

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