Shares of GEM Enviro Management made a robust start on its stock market debut on June 26 after it listed at Rs 142.50, a premium of 90 percent over the issue price of Rs 75 on the BSE SME platform.
The listing gains are largely in line with grey market estimates where shares were trading at a premium of 96 percent. The grey market is an unofficial ecosystem where shares start trading much before the offer opens for subscription and continue to trade till the listing day.
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Throughout the subscription, GEM Enviro's Rs 44.93-crore public offer received robust investor interest after the issue was subscribed a massive 265 times. Non-institutional investors were the most active, buying 463 times their allotted quota. Retail investors bought 240 times the portion reserved for them. QIBs or qualified institutional buyers picked 160 times their portion.
Incorporated in 2013, it is a waste management company specializing in recycling all types of packaging waste, including plastic waste. The company's services encompass several key areas such as fulfilment for plastic waste, collection and recycling of industrial plastic waste, sales and marketing of recycled products.
The net proceeds are proposed to be used to meet working capital requirements and for general corporate purposes.
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