Emerald Tyre Manufacturers Ltd. makes a strong debut on the bourses with scrip got listed at Rs 180.50 on the Bombay Stock Exchange, a 90.00 per cent premium to its issue price of Rs 95.00. On the National Stock Exchange, the stock was listed at Rs 180.50.
The company, which raised 0.52 Cr from initial public offering, was subscribed 353.02 times, receiving bids for 18,304.79 lakhs shares against the total issue size of 51.85 lakhs shares.
The company, listed under ST Group Securities post its IPO, opened for subscription from Dec 05 to Dec 09.
Following a strong opening, the scrip touched an intraday high of Rs 189.50 and a low of Rs 180.50, before closing the session up by 99.47 per cent to its listing price at Rs 189.50 on the NSE.
The company anticipates using the proceeds of the issue for .
GYR CAPITAL ADVISORS PRIVATE LIMITED as lead managers & Link Intime India Pvt. Ltd. is the registrar, to the issue.
Meanwhile, the broader benchmark NSE Nifty closed trade at 24,548.70, down 93.10 points, or 0.37 per cent.