Namo eWaste Management IPO Subscribed More Than 225 Times On Day 3

The initial public offering of Namo eWaste Management Limited that opened on Wednesday, September 4, concluded its subscription today, September 6. The SME IPO was subscribed 13.17 times on Wednesday, 33.26 times on Thursday and more than 225 times on Friday.

The IPO was subscribed 225.64 at 06:19 p.m. on Friday.

• Qualified institutional buyers: 151.75 times

• Non-institutional investors: 394.20 times

• Retail investors: 195.54 times

The company is offering 60.24 lakh new shares amounting to a total issue size of Rs 51.20 crores. The price band for Namo eWaste Management IPO is set at Rs 80 to Rs 85 per share. Retail investors can apply for a minimum of 1600 shares, which translates to an investment of Rs 136,000. High Net-Worth Individuals must apply for a minimum of 3200 shares, amounting to Rs 272,000.

Hem Securities Limited is the book-running lead manager of the Namo eWaste Management IPO, while Maashitla Securities Private Limited is the registrar. Hem Finlease is the market maker for the SME IPO.

As per the company's red herring prospectus, of the 60,24,000 shares offered - 18.99% is reserved for qualified institutions, 14.26% for non-institutional investors, 33.25% for retail investors and 28.47% for anchor investors.

The allotment of Namo eWaste Management will be finalised on September 9. The shares will be listed on the NSE SME platform, with the tentative listing date set for September 11.

• IPO Open Date: Wednesday, September 4

• IPO Close Date: Friday, September 6

• Price: Rs 80-85 per share

• Lot Size: 1600 shares

• Issue Size: Rs 51.2 crore

• Listing at: NSE SME

Founded in 2014, Namo eWaste Management Limited is one of the leading companies in India that recycles electrical and electronic (EEE) waste dedicated to e-waste management.

Namo eWaste Management is an ISO 9001:2015, ISO 14001:2015, ISO 27001:2022 & ISO 45001:2018 certified company and 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 proposes to utilise the Net Proceeds from the issue towards funding the capital expenditure requirements of the subsidiary i.e. Techeco Waste Management LLP and towards setting up a new factory unit at Nashik, to meet working capital requirements and general corporate purposes.

For the fiscal year ending March 31, 2024, the company reported an 73% increase in revenue compared to the previous year. Additionally, its profit after tax surged by 183%.