(MENAFN- KNN India)
New Delhi, Sep 11 (KNN) Namo eWaste Management saw a strong debut on the NSE SME platform, with its shares listing at Rs 161.50, reflecting a 90 per cent premium over the issue price of Rs 85 per share, on September 11.
Although this initial gain was substantial, it fell slightly short of the grey market estimates, where shares were trading at a premium of approximately 96.47 per cent.
The grey market, an unofficial trading environment, often reflects anticipated gains before the official listing.
The public offer, valued at Rs 51.20 crore, involved a fresh issue of 6.02 lakh equity shares, priced between Rs 80 and Rs 85 per share.
The IPO was met with significant investor interest, evidenced by a subscription rate of 225.64 times.
Retail investors subscribed to their reserved portion 195.54 times, while non-institutional investors demonstrated the highest demand with bids 394.20 times the allocated share.
Qualified Institutional Buyers (QIBs) also showed strong interest, with their segment being subscribed 151.75 times.
Proceeds from the IPO will be allocated towards various objectives, including meeting working capital needs, funding capital expenditures for its subsidiary, Techeco Waste Management LLP, which plans to establish a new factory in Nashik, and covering general corporate expenses.
Namo eWaste Management specialises in comprehensive recycling services for electrical and electronic equipment (EEE) waste.
This includes the collection, disposal, and recycling of items such as air conditioners, refrigerators, laptops, phones, washing machines, and fans. The company operates as a full-service e-waste management firm.
The company's listed peers include Eco Recycling and Cerebra Integrated Technologies.
For the fiscal year 2024, Namo eWaste Management reported a notable 183 per cent increase in net profit and a 73 per cent rise in revenue, according to its red herring prospectus (RHP).
(KNN Bureau)
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