Emerald Tyre Manufacturers IPO: The initial public offering (IPO) of tyre maker Emerald Tyre Manufacturers Ltd opened for subscription today, December 5, and has been heavily oversubscribed within hours of opening. Emerald Tyre Manufacturers IPO is an SME IPO and will be listed on NSE SME.
Emerald Tyre Manufacturers IPO will remain open till December 9. The company manufactures and supplies a wide range of tyres and offers its products under the brand name “GRECKSTER”.
Today is the first day of the bidding period for the Emerald Tyre Manufacturers IPO. Here’s a look at Emerald Tyre Manufacturers IPO GMP, subscription status, and other key details of the SME IPO:
Emerald Tyre Manufacturers IPO Subscription Status
Emerald Tyre Manufacturers IPO has been subscribed 15.84 times in total so far on December 5, the first day of the bidding process. The public issue received bids for 5.42 crore equity shares as against 34.21 lakh shares on the offer, according to data available till 12:15 PM.
The IPO has been subscribed 27.37 times in the retail category, and 10.04 times in the Non-Institutional Investors (NII) so far. The Qualified Institutional Buyers (QIB) are yet to bid for the issue.
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Emerald Tyre Manufacturers IPO GMP Today
Emerald Tyre Manufacturers shares are showing a strong trend in the grey market. According to stock market observers, Emerald Tyre Manufacturers IPO GMP today, or grey market premium today, is ₹75 per share. This means that in the grey market, Emerald Tyre Manufacturers shares are trading higher by ₹75 apiece than their issue price at ₹170 per share, which is a premium of 78.95% to the issue price of ₹95 per share.
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Emerald Tyre Manufacturers IPO Details
Emerald Tyre Manufacturers IPO opened for subscription on Thursday, December 5, and will close on Monday, December 9. The IPO allotment is expected to be finalized on December 10, and the IPO listing date is likely December 12. Emerald Tyre Manufacturers IPO is an SME IPO and the equity shares of the company will be listed on NSE SME.
Emerald Tyre Manufacturers IPO price band is set at ₹90 to ₹95 per share. The company plans to raise ₹49.26 crore from the book-built issue which is a combination of fresh issue of 49.86 lakh equity shares aggregating to ₹47.37 crore and an offer-for-sale (OFS) component of 1.99 lakh shares worth ₹1.89 crore.
The IPO lot size is 1200 shares and the minimum investment amount required by retail investors is ₹114,000.
GYR Capital Advisors is the book running lead manager of the Emerald Tyre Manufacturers IPO, while Link Intime India is the IPO registrar.
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