Divyadhan Recycling Industries Makes Strong NSE SME Debut With 31% Premium

New Delhi, Oct 4 (KNN) Divyadhan Recycling Industries made a strong debut today on the NSE SME platform, with shares opening at Rs 84, marking a 31.25 percent premium over the initial issue price of Rs 64 per share.

This impressive listing performance surpassed expectations set by the grey market, where the company's shares had been trading without a premium prior to the official listing.

The initial public offering (IPO) of Divyadhan Recycling Industries, valued at Rs 24.17 crore, consisted of a fresh issue of 37.76 lakh shares.

The offering garnered substantial interest from investors, achieving an oversubscription rate of 41 times during its three-day subscription period. Non-institutional investors showed particularly strong enthusiasm, oversubscribing their allocated portion by 76 times.

Retail investors and qualified institutional buyers also demonstrated significant interest, with subscription rates of 32 and 29 times, respectively.

Divyadhan Recycling Industries, established in 2010, has carved out a niche in the recycling sector, specialising in the production of Recycled Polyester Staple Fibre (R-PSF) and Recycled Pellets.

The company's commitment to quality and environmental standards is evidenced by its certifications in both Quality Management System and Environmental Management Systems for its recycled polyester fibre production processes.

The funds raised through this public offering are earmarked for several strategic purposes. These include meeting capital expenditure requirements, addressing general corporate needs, and covering expenses related to the IPO process.

This financial infusion is expected to bolster the company's operational capabilities and support its growth initiatives in the recycling industry.

(KNN Bureau)