September 11, 2024
New Delhi, India
Namo eWaste Management Ltd
Namo eWaste Management Ltd made a stellar debut on the NSE SME platform today, with its share price opening at ₹161.50, a 90% increase over the IPO price of ₹85. The strong market debut reflects the company’s robust IPO subscription rate of 225.64 times and the grey market premium (GMP) of +82.
IPO Details:
- IPO Subscription Period: September 4 to September 6, 2024
- Price Band: ₹80 to ₹85 per share, face value of ₹10
- Shares Offered: Fresh issuance of 6,024,000 equity shares
- Funds Raised: ₹51.20 crore for expansion, working capital, and setting up a new factory unit in Nashik through its subsidiary, Techeco Waste Management LLP.
Company Overview:
Namo eWaste Management Ltd specializes in the collection, disposal, and recycling of electronic and electrical equipment (EEE) waste, such as air conditioners, refrigerators, laptops, phones, and other appliances. The company reported a 183% rise in profit after tax (PAT) and a 73% increase in revenue between March 2023 and March 2024.
Market Comparables:
- Eco Recycling Ltd: Trading at a P/E of 95.79
- Cerebra Integrated Technologies Ltd: Another industry peer
Lead Managers and Registrars:
- Lead Manager: Hem Securities Limited
- Registrar: Maashitla Securities Private Limited
- Market Maker: Hem Finlease
The funds raised will primarily support the company’s working capital needs, capital expenditure for its subsidiary, and other general corporate purposes, positioning Namo eWaste Management for further growth in the e-waste recycling sector.
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