Namo eWaste Management IPO booked 69.5x on Day 3 so far, retail investors steal the show. Check GMP, subscription status

The IPO subscription period for Namo eWaste Management commenced on Wednesday, September 4, and is set to conclude on Friday, September 6. The price band per share for the Namo eWaste Management IPO falls within the range of ₹80 to 85, with a face value of ₹10. Multiple shares are available, and a minimum of 1600 shares are available for bidding.

The company provides complete services for recycling electrical and electronic equipment (EEE) trash, such as air conditioners, refrigerators, laptops, phones, washing machines, fans, and other items. It is an E trash collection, disposal, and recycling firm.

The company can recover all of an electrical device's components, including valuable and semi-precious metals like copper, aluminium, iron, etc., and is dedicated to managing massive volumes of trash from electrical and electronic equipment.

As per the red herring prospectus (RHP), the company's listed peers are Eco recycling Ltd (with a P/E of 95.79), and Cerebra Integrated Technologies Ltd.

Between March 31, 2024, and March 31, 2023, Namo eWaste Management Ltd's profit after tax (PAT) climbed by 183% and its revenue by 73%, respectively.

Namo eWaste Management IPO subscription status

Namo eWaste Management IPO subscription status is 69.48 times, on day 3, so far.

The retail portion was subscribed 96.52 times, and NII portion was booked 74.71 times. Qualified Institutions Buyers are booked 18.18 times.

The company has received bids for 27,83,47,200 shares against 40,06,400 shares on offer, at 12:41 IST, according to data on chittorgarh.com

Namo eWaste Management IPO subscription status was 13.17 times, on day 1, and the issue was booked 33.26 times on the second bidding day.

Namo eWaste Management IPO details

The Namo eWaste Management IPO, valued ₹51.20 crore, includes a fresh issuance of 6,024,000 equity shares with a face value of ₹10. There is no "offer for sale" component.

The company plans to use the proceeds of the offering to fulfill the following goals: to meet working capital requirements; to fund the capital expenditure requirements of their subsidiary, Techeco Waste Management LLP, towards the establishment of a new factory unit in Nashik; and for general corporate purposes.

The Namo eWaste Management IPO's book running lead manager is Hem Securities Limited, while the issue's registrar is Maashitla Securities Private Limited. Hem Finlease is the market maker for the Namo eWaste Management IPO.

Namo eWaste Management IPO GMP today

Namo eWaste Management IPO GMP is +50. This indicates Namo eWaste Management share price were trading at a premium of ₹50 in the grey market, according to investorgain.com.

Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Namo eWaste Management share price was indicated at ₹135 apiece, which is 58.82% higher than the IPO price of ₹85.

A good listing is anticipated for the IPO, based on the actions of the grey market during the past nine sessions. Experts from investorgain.com state that the lowest GMP is ₹0 and the maximum GMP is ₹50.

'Grey market premium' indicates investors' readiness to pay more than the issue price.'

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