GEM Enviro Management listing: Stock makes stellar debut with 90% premium on BSE SME

Shares of GEM Enviro Management Ltd made a stellar debut on the BSE SME platform on Wednesday, June 26, opening at ₹142.50 apiece, a premium of 90% over its offer price of ₹75. The stock further surged to ₹149, reflecting a 99% gain over the issue price.

GEM Enviro Management IPO details

The initial public offer (IPO) of GEM Enviro Management, valued at ₹44.93 crore, consisted of a fresh issue of 14.98 lakh shares amounting to ₹11.23 crore and an offer-for-sale component of 44.93 lakh shares amounting to ₹33.70 crore. Bidding for the GEM Enviro Management IPO took place from June 19 to June 21. The allotment process was finalised on June 24, and today (June 26) marked the IPO listing date on the BSE SME platform.

GEM Enviro Management IPO subscription

The BSE SME IPO garnered significant investor interest, getting oversubscribing by 265 times. Non-institutional investors showed the strongest interest, subscribing to the IPO 463 times. This was followed by retail investors who subscribed 240 times. Qualified institutional buyers (QIBs) also participated actively, subscribing 160 times their allocated shares.

While Share India Capital Services Private Limited and Fintellectual Corporate Advisors Private Limited were the book-running lead managers for the GEM Enviro Management IPO, Skyline Financial Services Private Ltd was appointed the registrar for the issue. Share India Securities served as the market maker for the GEM Enviro Management IPO.

GEM Enviro Management IPO objective

The primary objectives of the GEM Enviro Management IPO, as outlined in its prospectus, include using the net proceeds to address working capital requirements and for general corporate purposes.

About GEM Enviro Management Limited

GEM Enviro Management Limited was incorporated in February 2013. It’s a waste management company specialising in the recycling of all types of packaging waste, with a focus on plastic waste. Additionally, GEM Enviro Management engages in the sales and marketing of recycled products, contributing to sustainable practices in the industry.

GEM Enviro Management has built robust partnerships with over 100 clients, spanning diverse sectors, including food and beverages, fast-moving consumer goods, cement, fertilisers, and packaging and consumer products.

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