PNN
Mumbai (Maharashtra) [India], December 2: Emerald Tyre Manufacturers Limited is, one of the largest manufacturers and exporters of industrial tyres, proposes to open its Initial Public Offering on December 05, 2024, aiming to raise Rs 47.37 Crore (At Upper Price Band) by the fresh issue of 49,86,000 equity shares to be listed on the NSE Emerge platform.
The issue size is 51,85,200 equity shares at a face value of Rs10 each with a price band of Rs 90 - Rs 95 Per Share.
Equity Share Allocation
* QIB Anchor Portion: Up To 14, 64,000 Equity Shares
* Qualified Institutional Buyer: Up To 9, 76,800 Equity Shares
* Non-Institutional Investors: Not Less Than 7, 33,200Equity Shares
* Retail Individual Investors: Not Less Than 17, 11,200Equity Shares
* Market Maker: Up To 3, 00,000 Equity Shares
The net proceeds from the IPO will be utilized for capital expenditure, general corporate expenses and offer expenses. The anchor portion will open on December 04, 2024, and close on December 04, 2024. The issue of public bidding will open on December 05, 2024, and close on December 09, 2024.
The Book Running Lead Manager to the Issue is GYR Capital Advisors Private Limited, The Registrar to the Issue is Link Intime India Private Limited
Chandhrasekharan Thirupathi Venkatachalam, Chairman & Managing Director of Emerald Tyre Manufacturers Limited, expressed, "This IPO marks an important chapter in Emerald Tyre journey, strengthening our commitment to delivering exceptional tyre solutions under the trusted 'GRECKSTER' brand. With over a decade of experience, we have established a strong presence in both domestic and global markets. Our extensive portfolio offers a wide range of tyre solutions designed for various sectors of the Material Handling Industry. The GRECKSTER brand is synonymous with advanced technology, exceptional performance, durability, and adherence to the highest global quality standards.
The proceeds from the IPO will enable Emerald Tyres to expand its global footprint, diversify our product offerings, and strengthen the company's financial foundation. This growth will not only elevate our operational capabilities but also provide greater value to our clients through innovative and high-quality tyre solutions."
Mohit Baid, Director of GYR Capital Advisors Private Limited, said, "We are pleased to support Emerald Tyre Manufacturers Limited on this exciting IPO journey. With a solid track record of 20 years, the company is a manufacturer and exporter of industrial tyres. It is also the most preferred OEM supplier for its product range in India. The company has consistently demonstrated its commitment to technological innovation, product excellence and customer satisfaction.
The IPO proceeds will enable Emerald Tyres to strengthen its operational capabilities through strategic capital investments, further expand its product portfolio and meet increasing global demand. We believe a strong management team, combined with its established customer relationships and expanding portfolio, positions it well for future success. We look forward to supporting them as they continue to achieve new milestones."
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor