Emerald Tyre Manufacturers Shares Surge 5% Following NSE Listing
After a spectacular debut with over 90% premium, Emerald Tyre Manufacturers' shares further climbed to hit the 5% upper circuit on the NSE.
Emerald Tyre Manufacturers Shares Surge 5% Following NSE Listing
Tamil Nadu-based off-the-highway tyre manufacturer Emerald Tyre Manufacturers Ltd. made quite an impression on the market with its shares opening at a remarkable 90% premium on the NSE on Thursday, December 12.
The company’s shares debuted at ₹180.5 each, significantly up from the issue price of Rs 95. Shortly after the listing, the stock surged 5%, reaching the upper circuit limit of ₹189.5 per share.
The latest grey market premium (GMP) for Emerald Tyre Manufacturers Ltd. indicated a value of ₹85 or an impressive 89.47% at the upper price band. According to InvestorGain, the expected listing price was around ₹180, which meant the shares were slightly higher than anticipated during their market debut.
The IPO aimed to raise ₹49.26 crore via a book-building process. It included a fresh issue of 49.86 lakh shares and an offer-for-sale (OFS) component of 1.99 lakh shares.
For this initial public offering, the price range was set between ₹90 and ₹95 per share. Retail investors were required to invest a minimum of ₹1,14,000 for a single lot of 1,200 shares.
