Namo eWaste Management share price makes a stellar debut, stock opens with 90% premium at ₹161.50 apiece on NSE SME

Namo eWaste Management share price made a bumper debut on NSE SME today. Namo eWaste Management share price today opened at ₹161.50, which is 90% higher than the issue price of ₹85.

The Namo eWaste Management IPO subscription period started on Wednesday, September 4, and ended on Friday, September 6. The price band for each share of the IPO was between ₹80 and 85, with a face value of ₹10. There were multiple shares available, and bidders could apply for a minimum of 1600 shares. Namo eWaste Management IPO subscription status was 225.64 times on the last bidding day.

The firm offers comprehensive services for the recycling of electronic and electrical equipment waste, including air conditioners, refrigerators, laptops, phones, washing machines, fans, and other similar items. It specializes in the collection, disposal, and recycling of EEE waste.

According to the details in the red herring prospectus (RHP), the company's comparable companies are Eco Recycling Ltd (trading at a P/E of 95.79) and Cerebra Integrated Technologies Ltd.

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

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 funds raised from the offering will be utilised to achieve the following objectives: meeting working capital needs, financing the capital expenditure of its subsidiary, Techeco Waste Management LLP, for setting up a new factory unit in Nashik, and for general corporate uses.

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

Namo eWaste Management IPO GMP today

Namo eWaste Management IPO GMP is +82. This indicates Namo eWaste Management share price were trading at a premium of ₹82 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 ₹167 apiece, which is 96.47% higher than the IPO price of ₹85.

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

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.