ENA MSME 2024-09-11 17:43:46 <p><span style="font-size:14px"><strong>New Delhi, Sep 11 (KNN)</strong> 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.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The grey market, an unofficial trading environment, often reflects anticipated gains before the official listing.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The IPO was met with significant investor interest, evidenced by a subscription rate of 225.64 times.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Qualified Institutional Buyers (QIBs) also showed strong interest, with their segment being subscribed 151.75 times.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">Namo eWaste Management specialises in comprehensive recycling services for electrical and electronic equipment (EEE) waste.</span></p> <p><span style="font-size:14px">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.</span></p> <p><span style="font-size:14px">The company's listed peers include Eco Recycling and Cerebra Integrated Technologies.</span></p> <p><span style="font-size:14px">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).</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 39244 https://knnindia.co.in/news/newsdetails/msme/namo-ewaste-management-makes-strong-debut-on-nse-sme-platform 2024-09-11 17:43:46 knnindia.co.in