Exim Routes shares list at 25% premium over SME IPO price, miss grey market estimates

Exim Routes share price

The shares of Exim Routes made a decent market debut on December 19, listing at Rs 110 per share on the NSE Emerge platform. This marks a premium of 25 percent over the SME IPO price of Rs 88 per share.

The company debuted with a market capitalization of more than Rs 208 crore.

Listing premium vs grey market estimates:

Despite making a decent market debut, the listing performance has missed grey market estimates. Ahead of listing, the unlisted shares of the company were trading with more than 36 percent grey market premium over the IPO price, according to data on Investorgain.

According to IPO Watch, the unlisted shares of the company were also trading with more than 36 percent GMP over the IPO price.

Exim Routes IPO:

Exim Routes, a global platform facilitating the exchange of recyclable paper product materials, launched its initial public offering (IPO) earlier this month to raise Rs 43.73 crore at a price band of Rs 83-88 per share.

The company provides end-to-end services to Indian paper mills (from sourcing or procurement of waste paper to quality assurance and logistics wastepaper to mills). Its IPO entirely comprises a fresh issue of shares.

The IPO was subscribed over 14 times between December 12-16. Retail investors could bid for a minimum 3,200 shares, worth Rs 2,81,600 at the upper price band, and in multiples of 1,600 shares thereafter.

How will the IPO proceeds be used?

The IPO proceeds will be used for development and maintenance of the ERIS platform, working capital to fund business growth, investment in office space to accommodate new hires, and the remainder funds for general corporate purposes.

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