Namo eWaste Management IPO booked over 13 times on first day of subscription, details here

Namo eWaste Management Limited IPO witnessed decent demand on the first day of subscription on Wednesday, September 4, as the public offer was fully subscribed within hours of launch.

The initial public offering of the e-waste recycling company was booked 12.91 times with bids for over 5.17 crore shares against 40.06 lakh shares on offer.

Retail individual investors applied for over 3.42 crore shares of Namo eWaste Management against 20.03 lakh shares set aside for the category. The issue was booked 17.09 times in the retail category.

The NSE SME issue was subscribed 8.39 times in the Non-Institutional Investors (NIIs) category. The NIIs applied for 72.11 lakh shares against 8.59 lakh shares reserved for them. The Qualified Institutional Buyers (QIBs) applied for 1.03 crore shares compared to 11.44 lakh shares set aside for the category. The issue was booked 9 times in the QIBs category.

The investors, interested in applying for shares of Namo eWaste Management Limited should check key details about the public offer before bidding.

Namo eWaste Management IPO details

Namo eWaste Management IPO Issue size is aimed at raising ₹51.2 crore and comprises an entirely fresh issue of 60.24 lakh shares. The IPO price band has been fixed at ₹80 to ₹85 per share.

Retail investors can apply for the company's IPO by placing bids for a minimum lot size of 1,600 shares, which aggregates to an investment of ₹1,36,000. High Net Worth Investors can place bids for a minimum of 2 lots, or 3,200 shares, aggregating to ₹2,72,000.

Namo eWaste Management IPO dates

The IPO opened on Wednesday, September 4. The subscription will close on Friday, September 6.

Namo eWaste Management IPO allotment Status is likely to be finalised by Monday, September 9. Subsequent to the allotment of shares, refunds will be initiated for unsuccessful bidders on Tuesday, September 10 and successful bidders will receive shares of the company in their Demat accounts the same day.

Shares of the company will list on the NSE SME platform, Emerge. The IPO listing date has been tentatively fixed as September 11.

Namo eWaste Management Pvt Ltd IPO Registrar

The registrar for Namo eWaste Management IPO is Maashitla Securities Private Limited. The book-running lead manager for the issue is Hem Securities Limited and the market maker for the company's IPO is Hem Finlease.

Namo eWaste Management key financials

In FY24, Namo eWaste Management’s revenue increased over 72% to ₹101.07 crore compared to ₹58.56 crore in FY23. The company’s profit-after-tax surged multi-fold to ₹6.82 crore in FY24 compared to ₹2.41 crore in FY23. In FY24, the company's net worth grew over 25% to ₹35.26 crore compared to ₹28.14 crore in the preceding financial year.

Namo eWaste Management Promoters

Akshay Jain and Rachna Jain are the promoters of Namo eWaste Management. Before the issue, the promoters held a 93.67% stake in the company and after the issue, their stake will reduce to 68.99%.

Namo eWaste Management IPO objective

The company plans to use the money raised via the public issue to fund the capital expenditure requirements of its subsidiary Techeco Waste Management LLP and to set up a new factory unit in Nashik, Maharashtra. The money will also be used to meet the working capital requirements of the company and for general corporate purposes.

About Namo eWaste Management Limited

Namo eWaste Management Limited was founded in 2014. The company offers services for collection, disposal, and recycling of e-waste. The company’s portfolio includes electronics recycling, refurbishing and extended producer responsibility (EPR) services. The company employed 48 people as of March 31, 2024.