Emerald Tyre Manufacturers shares listed on the NSE Emerge platform with a premium of 90 percent on December 12 after nearly 500 times subscription to the Rs 50 crore issue.
The shares of the company were listed at Rs 180.50 per share on the NSE SME, a premium of 90 percent against the issue price of Rs 95.
The price band for the issue was Rs 90 - 95 per share.
Emerald Tyre Manufacturers SME IPO sees 487.9 times subscription on final day, GMP soars
Tamil Nadu-based Emerald Tyre Manufacturers garnered overwhelming response from investors during its subscription period between December 5-9. The SME issue was subscribed 487.90 times.
Ahead of the listing, the shares of the company were commanding a GMP of around 90 percent in the unofficial market.
Incorporated in 2002, the off highway tyre manufacturer makes tyres for material handling applications (like forklifts, skid loaders, ground support equipment of airports, port trailers, agri implements, lawn and garden mowers, mining equipment, aerial work platform trucks, backhoe loaders), under the brand GRECKSTER.
The company is going to utilise fresh issue proceeds for its capital expenditure, general corporate purposes, and offer expenses.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
