The offer received bids for 3.92 crore shares as against 14.97 lakh shares on offer.
The initial public offer (IPO) of Gem Enviro Management received bids for 3,92,86,400 shares as against 42,97,600 shares on offer, as per BSE data as of 17:00 hours on Wednesday (19 June 2024). The issue was subscribed 9.14 times.The issue opened for bidding on Wednesday (19 June 2024) and it will close on Friday (21 June 2024). The price band of the IPO is fixed between Rs 71 to Rs 75 per share. The minimum order quantity is 1,600 equity shares. The equity shares will list on BSEs SME platform.
The issue size comprises of fresh issue of 14,97,600 and offer for sale (OFS) of 44,92,800 shares by existing shareholders.
The promoter and promoter group shareholding will dilute to 73.44% from 100% pre-offer.
About 3,42,400 equity shares will be reserved for subscription by market maker to the issue. The net issue comprises of 56,48,000 equity shares. The offer and the net offer will constitute 26.56% and 25.05%, respectively of the post offer paid up equity share capital of the company.
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The company intends to utilize the net proceeds to meet working capital requirement and general corporate purpose.
Ahead of the IPO, Gem Enviro Management on Tuesday, 18 June 2024, raised Rs 12.69 crore from anchor investors. The board allotted 16.92 lakh shares at Rs 75 per share to 8 anchor investors..
GEM Enviro Management (GEM) established for collection and recycling packaging waste, including plastic waste. However, it diversified into implementing Plastic Extended Producer Responsibility Programmes for various organizations, becoming its largest business vertical. In 2023-2024, the company has ventured into new sustainability businesses, providing services such as EPR consultancy and fulfilment for Plastic Waste, collection and recycling of industrial plastic waste, sales and marketing of recycled products, ESG consulting and BRSR (business responsibility and sustainability reporting). The company has total 51 full time employees.
The company recorded revenue from operations of Rs 26.20 crore and net profit of Rs 8.40 crore for the period as on 31 December 2023.
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