Namo eWaste Management IPO fully subscribed within hours of launch: Check price band and other key details

Namo eWaste Management IPO was fully subscribed within hours of launching its public issue on Wednesday, September 4. The initial share sale was subscribed 3.87 times so far on the first day of bidding.

The portion set aside for retail investors was subscribed 5.99 times, while the non-institutional investors quota was booked 3.26 times. The qualified institutional buyers category saw 62% subscription.

The SME IPO, which is open from September 4 to September 6, has set a price band at ₹80-₹85 per equity share. The company intends to raise ₹51.20 crore via fresh issuance of 60.24 lakh shares.

Investors can bid for a minimum of 1,600 shares worth ₹1,36,000. High-net-worth individuals can apply for at least 3,200 shares, taking the transaction value to ₹2,72,000.

The fresh issue proceeds will be used to fund the capital expenditure requirement of the company's subsidiary, Techeco Waste Management LLP, for setting up a new factory unit, meeting working capital requirements and general corporate purposes.

The book-running lead manager to the issue is Hem Securities Ltd, while Maashitla Securities Pvt Ltd is the registrar.

Namo eWaste Management IPO timeline

• Bidding period: September 4 to September 6
• Allotment finalisation: September 9
• Refund initiation: September 10
• Demat transfer: September 10
• Listing: September 11

About Namo eWaste Management

Namo eWaste Management Limited is a key player in e-waste collection, disposal, and recycling. It specialises in handling electrical and electronic equipment (EEE) waste, such as air conditioners (ACs), laptops, phones, washing machines and refrigerators.

The company is an expert in extracting valuable metals like aluminium, iron, and copper, as well as complex materials such as batteries, glass, and plastics.