Emerald Tyre Manufacturers IPO Day 1: NSE SME issue booked 43 times on high retail demand, check subscription and other key details

Emerald Tyre Manufacturers IPO saw strong demand on the first day of subscription on Thursday, December 5, as the public offer was fully subscribed within hours of launch.

The NSE SME issue was booked 42.97 times driven by high retail demand. The investors applied for over 14.70 crore shares compared to 34.21 lakh shares offered for subscription, the stock exchange data showed.

The retail portion of the IPO was booked 67.32 times with bids for over 11.52 crore shares against 17.11 lakh shares reserved for the category. The tyre-maker’s initial public offering was booked 42.7 times in the Non-Institutional Investors’ (NIIs) category. The NIIs applied for over 3.13 crore shares against the 7.33 lakh shares set aside for them.

The issue was subscribed 52.34% in the Qualified Institutional Buyers (QIB) category with bids for 5.11 lakh shares compared to 9.76 lakh shares set aside for the category.

Here are the key details about the IPO for the investors looking forward to applying for the shares of Emerald Tyre Manufacturers Limited.

Emerald Tyre Manufacturers IPO

Emerald Tyre Manufacturers aims to raise ₹49.26 crore through its IPO. The NSE SME issue consists of a fresh issuance of 49.86 lakh shares, amounting to ₹47.37 crore, and an offer-for-sale of 1.99 lakh shares, worth ₹1.89 crore.

The IPO price band has been fixed at ₹90 to ₹95 per share.

Retail investors interested in applying for the IPO can place bids for a minimum of 1,200 shares, which aggregates to an investment of ₹1,14,000. On the other, hand High Net Worth Individuals can place bids for 2 lots, or 2,400 shares, which amounts to an investment of ₹2,28,000.

Emerald Tyre Manufacturers IPO dates

Emerald Tyre Manufacturers IPO subscription is scheduled to close on Monday, December 9. The share allotment status of Emerald Tyre Manufacturers IPO is likely to be finalised on Tuesday, December 10.

After the finalisation of the share allotment, refunds will be initiated for unsuccessful bidders on Tuesday, December 10. Successful bidders will receive shares of the company in their demat accounts on Wednesday, December 11. The shares will list on the NSE SME platform, Emerge.

The tentative listing date for Emerald Tyre Manufacturers Limited shares is Thursday, December 12.

Emerald Tyre Manufacturers IPO Registrar

The book-running lead manager for Emerald Tyre Manufacturers IPO is GYR Capital Advisors Private Limited and the registrar for the issue is Link Intime India Private Ltd. The market maker for the issue is Giriraj Stock Broking.

Emerald Tyre Manufacturers Promoters

Chandhrasekharan Trirupathi Venkatachalam is the promoter of the company. The promoter of the company held a 67.72% stake in the company before the issue.

Emerald Tyre Manufacturers key financials

Emerald Tyre Manufacturers’ revenue and profit-after-tax for the period ended July 31, 2024 stood at ₹64.92 crore and ₹4.13 crore respectively. Emerald Tyre Manufacturers’ net worth stood at ₹58.13 crore in the same period.

The company’s revenue for FY24 increased by over 2% to ₹171.96 crore compared to ₹167.98 crore in FY23. The company’s net profit for the fiscal ended March 31, 2024, increased by more than 36% to ₹12.14 crore from ₹8.92 crore in the preceding financial year. Emerald Tyre Manufacturers’ net worth of the company grew nearly 46% to ₹53.97 crore from ₹36.98 crore in the preceding fiscal.

Emerald Tyre Manufacturers IPO objective

The company plans to use the money raised via the public issue for funding its capital expenditure, general corporate purposes and for meeting offer expenses.

About Emerald Tyre Manufacturers Limited

Emerald Tyre Manufacturers Ltd was incorporated in 2002. The company manufactures a range of tires under the brand name "GRECKSTER". The company’s product portfolio includes solid resilient tyres, press bands, industrial pneumatic tyres, butyl tubes, flaps and wheel rims.