Emerald Tyre Manufacturers lists at 90% premium, hits upper circuit later
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Emerald Tyre Manufacturers IPO listing today: Shares of tyre maker Emerald Tyre Manufacturers made a solid debut on the NSE SME today, Thursday, December 5, 2024, and continued their upward momentum, hitting the upper circuit within less than 5 minutes of listing. The company's shares listed at Rs 180.50 apiece, a 90 per cent premium over the IPO allotment price of Rs 95.
After listing, the stock gained an additional 4.99 per cent, surging 99.47 per cent from the issue price to reach the upper circuit of Rs 189.50 apiece on the NSE SME. During the session, nearly 0.29 million shares, valued at Rs 10.69 crore, were traded before trading was halted.
Notably, National Stock Exchange of India (NSE) has capped listing gains for SME stocks at 90 per cent of the issue price.
Emerald Tyre Manufacturers IPO listing was in line with grey market expectations. Ahead of listing, the company's unlisted shares were quoted at Rs 180, reflecting a grey market premium (GMP) of Rs 85, or 89.47 per cent, against the upper end of the IPO price band of Rs 95, which is also the issue price, according to sources tracking unofficial markets.
Emerald Tyre Manufacturers IPO opened for subscription on December 5, 2024, and ended on December 9, 2024.
The Rs 49.26 crore SME offering comprised a fresh issue of 4,986,000 equity shares and an offer for sale (OFS) of 199,200 equity shares with a face value of Rs 10 apiece. The IPO was available at a price band of Rs 90-95 per share, with a lot size of 1,200 shares. By the end of the subscription period, the Emerald Tyre Manufacturers IPO was oversubscribed around 530 times.
Emerald Tyre Manufacturers will not receive any proceeds from the offer for sale, as each selling shareholder will receive their respective portions. However, the company will utilise the proceeds from the fresh issue for capital expenditure, general corporate purposes, and offer-related expenses.
Emerald Tyre Manufacturers, founded in 2002, is a producer and supplier of a wide range of tyres, including press-on bands and industrial pneumatic tyres, under the GRECKSTER brand. With a global footprint, the company exports its products to multiple international markets, including the USA, UAE, Russia, and several European countries. To ensure efficient distribution, Emerald Tyre Manufacturers operates strategically located warehouses in Belgium, the UAE, and the USA.
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