Tue Dec 10 09:03:40 UTC 2024: ## Emerald Tyre Manufacturers IPO Oversubscribed 530 Times, Listing Expected Thursday
**MUMBAI, INDIA** – Emerald Tyre Manufacturers’ initial public offering (IPO) concluded with phenomenal success, exceeding expectations by a significant margin. The IPO, which ran from December 5th to 9th, saw a staggering 530.59 times oversubscription. The Chennai-based tyre manufacturer offered shares at ₹90-95 per share, raising a total of ₹49.26 crore (approximately $6 million USD).
Strong demand from retail and non-institutional investors fueled the oversubscription, with their quotas subscribed 558.11 times and 912.18 times respectively. Even the qualified institutional bidder (QIB) portion was oversubscribed 195.95 times.
The allotment of shares is scheduled to be finalized on Tuesday, December 10th, with investors receiving updates on fund debits or IPO mandate revocations by Wednesday, December 11th. The shares are set to be listed on the NSE’s Emerge platform on Thursday, December 12th.
The grey market premium (GMP) for Emerald Tyre Manufacturers shares has surged, currently reflecting a potential 100% listing pop, indicating strong investor confidence in the company’s future.
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). Link Intime India acted as the registrar for the IPO, managing the allotment process and investor queries. GYR Capital Advisors served as the book running lead manager, and Giriraj Stock Broking acted as the market maker.
The company, established in 2002, manufactures and supplies a range of tyres under the brand name ‘GRECKSTER,’ including solid resilient tyres, press bands, and industrial pneumatic tyres.
First Piper 