Namo eWaste Management IPO To Open On 4th September, Sets Price Band At Rs 80 to Rs 85 Per Share
New Delhi [India], September 2: Incorporated in 2014, Namo eWaste Management Limited authorized recyclers to offer services for the collection, disposal, and recycling of e-waste. The company is poised for its initial public offering (IPO), with plans to raise INR 51.20 crores through the issuance of 60.24 lakh new shares. For its SME Initial Public [...]
PNN
New Delhi [India], September 2: Incorporated in 2014, Namo eWaste Management Limited authorized recyclers to offer services for the collection, disposal, and recycling of e-waste. The company is poised for its initial public offering (IPO), with plans to raise INR 51.20 crores through the issuance of 60.24 lakh new shares.
For its SME Initial Public Offering (IPO), Namo eWaste Management Limited has established a price band of Rs 80 to Rs 85 per share. The company’s shares will open for subscription on Wednesday, September 4, 2024, and close on Friday, September 6, 2024. These will be listed on the NSE SME, with a projected listing date of Wednesday, September 11, 2024.
Hem Securities Limited is the book-running lead manager of the Namo eWaste Management IPO, while Maashitla Securities Private Limited is the registrar for the issue. The market maker for Namo eWaste Management IPO is Hem Finlease.
The proceeds of the issue will be utilized to fund the capital requirements of its subsidiary, i.e. Techeco Waste Management LLP, towards setting up a new factory unit at Nashik, funding to meet working capital requirements and general corporate purposes.
On Monday, September 9, 2024, the shares for the Namo eWaste Management IPO are anticipated to be allotted, and on Tuesday, September 10, 2024, the shares will be credited to the demat account of the allottees. The IPO comprises 50% of the net issue for QIB, 35% for retail investors and 15% of the net issue for the NII segment.
Retail investors need to contribute a minimum of Rs 1.36 lakh, considering the minimum lot size for an application is 1600 shares. For HNIs, the minimum bidding size is two lots, or 3200 shares, for a total investment of Rs 2.72 lakh at the upper price band.
Namo eWaste Management Limited’s revenue increased by 73%, and profit after tax (PAT) rose by 183% between the financial year ending with March 31, 2024 and March 31, 2023.
Namo eWaste Management provides comprehensive services for the recycling of Electrical and Electronic Equipment (EEE) such as air conditioners, refrigerators, laptops, phones, washing machines, fans, etc.
The company’s service portfolio includes Electronics recycling, Refurbishment, and Extended producer responsibility (EPR) services. The company has leased a factory in Faridabad, Haryana, India, with an area of 2566 square meters, and a storage and dismantling unit in Palwal, Haryana, India, with an area of 16,010 square meters.
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