Urban Enviro Waste Management IPO opens with a bang; lists at Rs 141 per share
By Team Newsable | First Published Jun 22, 2023, 1:10 PM ISTThe Urban Enviro Waste Management Initial Public Offering (IPO) witnessed an overwhelming subscription rate of 255.49 times, with bids pouring in for a staggering 27.72 crore shares, surpassing the 11.42 lakh shares initially offered.
Urban Enviro Waste Management Ltd had an impressive debut on the National Stock Exchange, with its shares being listed at a substantial premium of 41 per cent over the issue price. Trading commenced at Rs 141 per share, surpassing the initial offering price of Rs 100. The market response to Urban Enviro Waste Management's IPO was overwhelming, as it garnered a massive subscription of 255.49 times. Bids were received for 27.72 crore shares, far exceeding the 11.42 lakh shares available for purchase.
During the June 12 to 14 subscription period, the public issue witnessed exceptional demand, with the retail category being subscribed 220.65 times and the other category experiencing a subscription of 281.41 times.
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The IPO of Urban Enviro Waste Management, valued at Rs 11.42 crore, consisted of the sale of 11.42 lakh equity shares at a fixed price of Rs 100 each. The offering included a combination of an offer for sale (OFS) of 2.22 lakh equity shares by selling shareholder Vikas Sharma and a fresh issue of 9.2 lakh equity shares, totalling Rs 9.2 crore.
The Urban Enviro Waste IPO has a market lot size of 1,200 equity shares, requiring a minimum investment amount of Rs 120,000 for retail investors to purchase one lot. The listing of Urban Enviro Waste Management shares on the NSE Emerge platform is scheduled for June 22. Pantomath Capital Advisors Private Limited serves as the lead manager for the issue, while Bigshare Services Private Limited has been appointed as the IPO registrar.
Urban Enviro Waste Management Limited specializes in providing comprehensive Waste Management Solutions and Municipal Solid Waste (MSW) Management services across the country. Their services encompass waste collection, transportation, segregation, and disposal.
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