Emerald Tyre Manufacturers IPO closes today; 120x subscription, GMP up 79%

The unlisted shares of Emerald Tyre Manufacturers were trading at Rs 170 apiece, reflecting a grey market premium (GMP) of Rs 75 or 78.95 per cent over the upper end of the IPO price band of Rs 95

Emerald Tyre Manufacturers IPO GMP today: The unlisted shares of Emerald Tyre Manufacturers, a leading manufacturer and supplier of tyres, continue to command a strong premium in the unofficial markets on the last day of subscription for its initial public offering (IPO), which closes today, Monday, December 9, 2024.

 

Sources tracking grey market activities revealed that the company's unlisted shares were trading at Rs 170 apiece, reflecting a grey market premium (GMP) of Rs 75 or 78.95 per cent over the upper end of the IPO price band of Rs 95.

 

Emerald Tyre Manufacturers IPO details

The IPO comprises a fresh issue of up to 49,86,000 equity shares and an offer for sale (OFS) of up to 1,99,200 equity shares, aggregating to 51,85,200 equity shares. This includes a reservation for market makers of up to 3,00,000 equity shares and an anchor investor allocation of 14,64,000 equity shares.

 

 

The price band for the Emerald Tyre Manufacturers IPO is Rs 90–Rs 95 per share, with a lot size of 1,200 shares. Investors can bid for a minimum of 1,200 shares and in multiples thereof. Retail investors must bid for at least one lot of 1,200 shares, requiring a minimum investment of Rs 1,14,000. 

Link Intime India is the registrar for the Emerald Tyre Manufacturers IPO, while GYR Capital Advisors is the sole book-running lead manager. Giriraj Stock Broking is also involved in the issue. 

 

Emerald Tyre Manufacturers IPO subscription status

The SME offering, which opened for subscription on Thursday, December 5, 2024, has been subscribed over 120.23 times as of 10:12 AM on Monday, December 9, 2024, according to data available on the National Stock Exchange (NSE).

 

Emerald Tyre Manufacturers IPO allotment, listing date

As the subscription window closes today, the basis of allotment of Emerald Tyre Manufacturers IPO shares is expected to be finalised on Tuesday, December 10, 2024. The shares will then be credited to investors' demat accounts on Wednesday, December 11, 2024.

 

Emerald Tyre Manufacturers IPO shares are likely to debut on the NSE SME platform on Thursday, December 12, 2024.

 

Emerald Tyre Manufacturers IPO objective

According to the company's Red Herring Prospectus (RHP), Emerald Tyre Manufacturers will not receive any proceeds from the OFS, as each selling shareholder will receive their respective portions of the proceeds after deducting offer-related expenses and applicable taxes. However, the proceeds from the fresh issue will be utilised by the company for capital expenditure, general corporate purposes, and offer-related expenses.  Also Read: Sai Life Sciences IPO opens on Dec 11: Check GMP and other key details

 

About Emerald Tyre Manufacturers

Incorporated in 2002, Emerald Tyre Manufacturers produces and supplies a range of tyres under the brand name GRECKSTER. The company's product portfolio includes solid resilient tyres, press-on bands, and industrial pneumatic tyres. It exports products to global markets, including the USA, UAE, Russia, and several European countries. Emerald Tyre Manufacturers operates warehouses in Belgium, the UAE, and the USA to ensure timely delivery.