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Emerald Tyre Manufacturers Share Price Hits 5% Upper Circuit After Listing At Stellar 90% Premium

After listing, Emerald Tyre Manufacturers' shares further rallied to hit 5% upper circuit at Rs 189.5 apiece on the NSE.

Emerald Tyre Manufacturers IPO share price
(Photo source: emeraldtyres.com)
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Shares of Emerald Tyre Manufacturers Ltd. made a stellar debut on Thursday, listing at Rs 180.5 on the NSE SME. The stock listed at a 90% premium over the issue price of Rs 95 per share.

At the listing price, investors, who were allotted at least a single lot of 1,200 shares in the IPO subscription, would have made a profit of Rs 1,02,600 over an investment of Rs 1,14,000.

After listing, Emerald Tyre Manufacturers' shares further rallied to hit 5% upper circuit at Rs 189.5 apiece on the NSE.

Emerald Tyre Manufacturers IPO GMP

The latest GMP (grey market premium) on the shares of Emerald Tyre Manufacturers Ltd. indicated a premium of Rs 85 or 89.47% at the upper price band. According to InvestorGain, the indicated listing price of Emerald Tyre Manufacturers Ltd's shares stood at Rs 180 apiece just ahead of the market debut. The shares listed marginally higher than the GMP expectations.

Note: GMP or grey market price is not an official price quote for the stock and is based on speculation.

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Emerald Tyre Manufacturers IPO Details 

Emerald Tyre Manufacturers IPO saw a robust demand during the three-day bidding window between Dec. 5 and Dec. 9.

The NSE SME issue was subscribed more than 530.5 times, led by strong demand from non-institutional investors (NIIs).

The issue was subscribed 558.11 times in the retail category and 912.18 times in the NIIs segment. The Qualified institutional buyers (QIBs) booked their category 195.95 times.

Emerald Tyre Manufacturers IPO share allotment status was finalised on Dec. 10.

The book-built issue, worth Rs 49.26 crore, was a combination of a fresh issue of 49.86 lakh shares, aggregating to Rs 47.37 crore, and an offer-for-sale (OFS) of 1.99 lakh shares, amounting to Rs 1.89 crore.

The IPO price band was set in the range of Rs 90 to 95 per share.

GYR Capital Advisors Pvt. served as the book-running lead manager for Emerald Tyre Manufacturers IPO. Link Intime India Pvt. was the issue registrar and Giriraj Stock Broking was the market maker.

Use of Proceeds 

The company proposes to use the net proceeds from the IPO to meet its capital expenditure requirements. Further, a portion of the money will also be used for general corporate purposes.

About Emerald Tyre Manufacturers

Emerald Tyre Manufacturers Ltd. is engaged in the manufacturing, supply and service of tyres for material handling applications. The company sells its product under the brand GRECKSTER. Its product portfolio includes forklifts, skid loaders, airport ground support, agri implements, and garden mowers, among others.

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Disclaimer: Investments in initial public offerings are subject to market risks. Please consult financial advisors and read red herring prospectus thoroughly before placing bids.

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