- The issue price band is set at ₹71 to ₹75 per share
- The bidding for Anchor portion opens on Tuesday, June 18, 2024
- The issue will closes on June 21, 2024.
- The IPO lot size is 1,600 shares and the minimum investment amount required by retail investors is ₹1,20,000
NE BUSINESS BUREAU
AHMEDABAD, JUNE 18
GEM Enviro Management Ltd. which is into plastic waste management and sustainability services, has announced on Monday to open its Initial Public Offering (IPO) on June 19 Wednesday, and will closes on June 21, to raise up to ₹44.93 crore. The bidding for Anchor portion opens on Tuesday, June 18, 2024.
The book-built issue is a combination of fresh issue of 14.98 lakh equity shares aggregating to ₹11.23 crore and offer for sale (OFS) of 44.93 lakh shares at face value of ₹ 5 each aggregating to ₹33.70 crore.
The IPO lot size is 1,600 shares and the minimum investment amount required by retail investors is ₹1,20,000
The net proceeds from the IPO will be utilised for working capital requirements and general corporate purposes.
Sachin Sharma, Managing Director, GEM Enviro Management Ltd said, “Over the past decade, we have established ourselves as one of the pioneers in plastic waste management and sustainability services. Our future plans include expanding our offerings in E-waste, battery and tyre waste Extended Producer Responsibility (EPR) markets, strengthening our strategic Environmental, Social & Governance (ESG ) advisory and Business Responsibility & Sustainability Reporting (BRSR) services.”
“This expansion will enable us to offer even more comprehensive and tailored EPR solutions, driving substantial environmental benefits and supporting India’s journey towards sustainable development. With this IPO, we are poised to accelerate our growth trajectory and make even greater strides in our mission to promote a sustainable and eco-friendly future for India,” he added.
Abhinav Gupta, President (Capital Market) of Share India Capital Services Private Limited said, “The plastic recycling industry in India is poised for significant growth, driven by increasing awareness of environmental conservation and stringent government regulations mandating responsible plastic waste disposal. GEM Enviro Management Limited is uniquely positioned to capitalize on these trends with its comprehensive range of services. The net proceeds from this IPO will be strategically utilized for working capital requirements and general corporate purposes, enabling GEM to expand its operations and continue its innovative work in waste management. We look forward to seeing GEM drive significant positive environmental impact and support India’s sustainable development narrative.”
Sachin Sharma, Sangeeta Pareekh, Dinesh Pareekh, Sarthak Agarwal, and BLP Equity Research Private Limited are the promoters of GEM Enviro Management Ltd. The promoter shareholding in the company will come down to 73.44% after the IPO from 100% at present.
The company reported a net profit of ₹10.01 crore upon a revenue of ₹42.80 crore in FY23 as against a net profit of ₹7.45 crore and revenue of ₹32.91 crore in FY22.
For the nine months ended December 2023, the company posted a net profit of ₹8.40 crore and revenue of ₹26.39 crore.
Equity Share Allocation
- QIB Anchor Portion – Up To 16,92,800 Equity Shares
- Qualified Institutional Buyers (QIB) – Up To 11,29,600 Equity Shares
- Non-Institutional Investors (NII) – Up To 8,48,000 Equity Shares
- Retail Individual Investors (RII) – Up To 19,77,600 Equity Shares
- Market Maker – Up To 3,42,400 Equity Shares
The company’s shares will be listed on the BSE SME platform.
The Book Running Lead Managers to the Issue are Share India Capital Services Private Limited & Fintellectual Corporate Advisors Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
