GEM Enviro Management IPO subscribed 5.86 times so far on Day 1; check GMP and other details
₹44.93 crore SME IPO is open for subscription between June 19 and June 21 with a price band in the range of ₹71-75.The issue is a combination of a fresh issue of 14.98 lakh shares aggregating to ₹11.23 crore and an offer for sale of 44.93 lakh shares aggregating to ₹33.70 crore.The company plans to utilise the net issue proceeds to meet working capital requirements and for general corporate purposes.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 percent after the IPO from 100 percent currently.The minimum lot size for an application is 1,600 Shares.
The minimum investment required by retail investors is ₹1,20,000.Share India Capital Services Private Limited and Fintellectual Corporate Advisors Private Limited are the book-running lead managers of the GEM Enviro IPO. At the same time, Skyline Financial Services Private Ltd is the registrar for the issue.
The market maker for GEM Enviro IPO is Share India Securities.The allotment for the GEM Enviro IPO is expected to be finalised on Monday, June 24, 2024. GEM Enviro IPO will be listed on BSE SME with a tentative listing date fixed as Wednesday, June 26, 2024.GEM Enviro Management specialises in recycling all types of packaging waste, including plastic.
It reported a net profit of ₹10.01 crore on a revenue of ₹42.80 crore for FY23, up from a net profit of ₹7.45 crore and revenue of ₹32.91 crore in FY22. For the nine months ending December 2023, the company posted a net profit of ₹8.40 crore and revenue of ₹26.39 crore.GEM Enviro IPO GMP, or grey market premium, today, is ₹71 per share.
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