GEM Enviro Management IPO subscribed 112 times so far on last day; Check GMP and other key details of SME IPO

GEM Enviro Management IPO: The initial public offering (IPO) of GEM Enviro Management is witnessing robust demand from investors. GEM Enviro Management IPO is an SME IPO and the bidding period is from June 19 to June 21.

GEM Enviro Management IPO has been subscribed by a robust 112.02 times so far on June 21, the third and the last day of the bidding process. Investors bid for 44.30 crore equity shares compared to the 39.55 lakh shares on offer, as per the data available till 1:40 pm.

The retail investor portion saw subscription of 137.60 times, while the non-institutional investors' quota was booked 153.49 times. The qualified institutional buyers (QIB) category was subscribed 36.09 times so far.

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GEM Enviro Management IPO opened for subscription on June 19 and will close today, on June 21.

The ₹44.93 crore SME IPO is a combination of a fresh issue of 14.98 lakh shares aggregating to ₹11.23 crore and an offer for sale of 44.93 lakh shares aggregating to ₹33.70 crore.

GEM Enviro Management IPO price band has been set at ₹71-75 per share.

The company plans to utilise the net issue proceeds to meet working capital requirements and for general corporate purposes.

Sachin Sharma, Sangeeta Pareekh, Dinesh Pareekh, Sarthak Agarwal, and BLP Equity Research Private Limited are the promoters of GEM Enviro Management Ltd. The promoter shareholding in the company will come down to 73.44 percent after the IPO from 100 percent currently.

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The minimum lot size for an application is 1,600 Shares. The minimum investment required by retail investors is ₹1,20,000.

Share India Capital Services Private Limited and Fintellectual Corporate Advisors Private Limited are the book-running lead managers of the GEM Enviro IPO. At the same time, Skyline Financial Services Private Ltd is the registrar for the issue. The market maker for GEM Enviro IPO is Share India Securities.

GEM Enviro IPO allotment is expected to be finalised on Monday, June 24, 2024. GEM Enviro IPO will be listed on BSE SME with a tentative listing date fixed as Wednesday, June 26, 2024.

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GEM Enviro Management specialises in recycling all types of packaging waste, including plastic. It reported a net profit of ₹10.01 crore on a revenue of ₹42.80 crore for FY23, up from a net profit of ₹7.45 crore and revenue of ₹32.91 crore in FY22. For the nine months ending December 2023, the company posted a net profit of ₹8.40 crore and revenue of ₹26.39 crore.

GEM Enviro IPO GMP Today

GEM Enviro IPO GMP today, or grey market premium today, has dropped down to ₹60 per share. This indicates that the equity shares of GEM Enviro Management are trading at ₹135 apiece in the grey market, a premium of 80% to the IPO price of ₹75 per share. 

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