A Chennai-based SME, Emerald Tyre Manufacturers which ran its IPO from December 5 to December 9 has garnered an overwhelming response from investors across. Here is a breakdown of the allotment status, subscription highlights, and what lies ahead for this highly anticipated listing.
IPO Snapshot
Emerald Tyre Manufacturers’ IPO, valued at Rs 49.26 crore, included a fresh issue of Rs 47.37 crore and an offer for sale (OFS) worth Rs 1.89 crore. The price band set by the company for this public issue was between Rs 90 to Rs 95 per share, the minimum lot size was 1,200 shares, requiring an investment of Rs 1,14,000 for retail applicants.
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Grey Market Premium
Ahead of its three-day subscription period, Emerald Tyre shares are commanding a premium of Rs 85 in the grey market. Based on these trends, the estimated listing price stands at Rs 275, pointing out a 52.78 per cent gain over the issue price.
Allotment and Listing
The three-day bidding phase from December 5-9, saw unprecedented enthusiasm, culminating in the allotment being finalised on December 10. The listing is set for December 12 on the NSE SME Exchange.
Subscription Breakdown
The IPO was subscribed an staggering 530.59 times overall, marking massive demand from investors.
In the retail segment, investors applied for 95.5 crore shares against the 17.1 lakh shares available, ending with a subscription rate of 558.11 times. Meanwhile, Non-Institutional Investors (NIIs) subscribed to their quota 912.18 times, with applications for 66.8 crore shares against 7.3 lakh shares.
In a similar note, Qualified Institutional Buyers (QIBs) bidding for 19.1 crore shares, compared to the 9.7 lakh shares allocated, recording a subscription of 195.95 times.
Key Players Behind the IPO
The lead manager for the issue was served by GYR Capital Advisors, while Link Intime India oversaw the registrar’s role. Giriraj Stock Broking acted as the market maker for Emerald Tyre Manufacturers.
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