Emerald Tyre Manufacturers IPO lists at 90 per cent premium to issue price on NSE Emerge platform
The Chennai-based SME, Emerald Tyre Manufacturers made its debut on the NSE Emerge platform on December 12, debuting with a 90 per cent premium over its issue price. This listing comes after the initial public offering (IPO) that saw a staggering 487.90 times subscription, drawing strong interest from retail and institutional investors alike.
Listing Performance
The company’s shares opened at Rs 180.50 per share, above the issue price of Rs 95, highlighting the high demand for the stock.
The price band for the issue by the company was set between Rs 90 and Rs 95 per share, and the stock quickly gained traction on the NSE SME platform.
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IPO Subscription Details
The IPO of Emerald Tyre Manufacturers received an overwhelming response from investors, with the overall subscription reaching an astounding 530.59 times.
The retail segment saw a particularly strong demand, being subscribed 558.11 times, while non-institutional investors (NIIs) showed an even greater interest, subscribing 912.18 times.
Qualified institutional buyers (QIBs) marked their portion being subscribed 195.95 times.
GMP prior to the listing
Before the three-day subscription period, Emerald Tyre shares are trading at a premium of Rs 85 in the grey market. This highlighted that the stock could list at around Rs 275, exhibiting a potential gain of 52.78 per cent from the issue price.
About the company
Emerald Tyre Manufacturers, based in Tamil Nadu, manufactures off-highway tyres for a range of industries, including material handling, mining, and agriculture, under the brand name GRECKSTER.
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