Organic Recycling Systems IPO: GMP, subscription status on day 3, other key details
₹200 per equity share of face value of ₹10 each. Organic Recycling IPO lot size is 600 equity shares and in multiples of 600 equity shares thereafter. The issue price is 20 times of the face value of the equity shares.
Organic Recycling Systems IPO, which is worth ₹50 crores, is completely a fresh issue of 2,500,200 equity share; there is no offer for sale (OFS) component. Sarang Bhand is the promoter of the company. The company plans to use the net proceeds from the offering to repay debt, meet general corporate purposes, and fund issue expenses.
According to red herring prospectus (RHP), 75% of gross IPO proceeds will go towards debt repayment, 20.96% will be used to meet general corporate purposes, and 4.04% will be utilised to meet issue expenses. Arihant Capital Markets Ltd is the book running lead manager of the Organic Recycling IPO, while Maashitla Securities Private Ltd is the registrar for the issue. The market maker for Organic Recycling Systems IPO is Arihant Capital Markets.
According to RHP, Organic Recycling Systems is engaged in the solutions across waste types and across the value chain. Organic Recycling has been providing sustainable waste management solutions in India since 2008. Incorporated by technocrats our focus primarily has been on developing robust, cost effective and environment friendly technologies that are simple to operate.
The company reported the total revenue of ₹25.34 crore for FY23, up from ₹17.56 crore for FY22 and ₹15.78 crore for FY21. As per company's RHP, there is no other listed company which is specifically comparable to Organic Recycling Systems in terms of business model, size and financials. Organic Recycling IPO subscription status today was 1.18 times on day 3, so far.
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