Emerald Tyre Manufacturers' IPO has received significant demand, with a subscription rate of 39.53 times on its first day of bidding.

The company aims to raise Rs 49.26 crore by offering 51.85 lakh equity shares at a price band of Rs 90-95 per share. The IPO includes a fresh issue of 49.86 lakh shares and an offer-for-sale of 1.99 lakh shares from existing shareholders.

Retail investors subscribed 67.4 times their allotted quota, while non-institutional investors showed strong interest with a subscription rate of 42.7 times their reserved portion. However, the segment reserved for qualified institutional buyers had a subdued response, with only 0.52 times subscription.

Overall, investors applied for 14.7 crore equity shares against the offer size of 37.21 lakh shares, indicating strong market enthusiasm for the tyre manufacturer's public issue.