Stock Report

GEM Enviro Management IPO Makes Impressive Debut on BSE SME, Lists at 90% Premium

Posted On : 2024-06-26 12:53:21( TIMEZONE : IST )

GEM Enviro Management (BSE: GEMENVIRO), a leader in plastic waste management and sustainability services, made a remarkable debut on the BSE SME platform today, listing at INR 142.50/- with a premium of 90% over its issue price. The IPO, which opened for subscription from June 19th to June 21st, received an overwhelming response from investors, achieving an overall subscription of over 265.13 times.

The total issue comprised 59.90 lakh shares priced at Rs 71 to 75 per share. Investors were required to apply for a lot of 1,600 shares, translating to an investment of Rs 1,20,000. The shares listed at Rs 142.50/-, yielding a listing gain of Rs 1,08,000 per lot. Retail investors showed substantial interest, booking their reserved portion nearly 265.13 times, with bids coming in for 47.51 crore shares against 19.77 lakh shares on offer. The IPO also saw enthusiastic participation in other categories, being subscribed over 160.22 times in the QIB category and 462.89 times in the NII category. Overall, the IPO received bids for 104.86 crore equity shares against the 39.65 lakh shares available.

GEM Enviro Management Ltd, established in 2013, is now a distinguished player in the plastic waste management industry, serving SMEs to large conglomerates across India. The company aims to leverage the raised capital through this IPO to expand its offerings in the E-waste, battery, and tyre waste EPR markets, as well as to strengthen its strategic ESG advisory and BRSR services.

Commenting on the robust response to the IPO, Mr. Sachin Sharma, Managing Director & Founder, said, "The exceptional listing premium of 90% and the strong subscription numbers signify the market's belief in our innovative and sustainable waste management solutions. As we expand our services, enhance efficiencies, and invest in advanced waste management technologies, sustainability will remain at the core of our operations. We thank our investors, partners, employees, and customers for their support and look forward to a sustainable, prosperous future while promoting a circular economy together."

GEM specializes in collecting and recycling packaging waste, promoting green products, and providing sustainability services. The company helps businesses develop and implement tailored EPR programs, integrating environmental responsibility into their business strategies. GEM works with over 100+ large clients in India to fulfil their EPR requirements as per PWM 2016 and its amendments. Their services include EPR compliance, scrap management, ESG consulting, BRSR reporting, project advisory, plastic credits management, sales and marketing of recycled products, and eco-awareness campaigns.