Urban Enviro Waste Management IPO: Issue oversubscribed on Day 3 on huge NII, retail demand

Urban Enviro Waste Management IPO Subscription Status: The SME initial public offering (IPO) of Urban Enviro Waste Management Ltd was subscribed 255.49 times on Day 3. The public issue that opened for subscription on Monday, June 12, will close on Wednesday, 14 June.

On Day 3 of the subscription, the issue received overwhelming response from both non-institutional bidders (NII) and retail investors. The NII portion or others was subscribed 281.41 times of the portion set aside, and retail investors portion was subscribed 220.65 times, according to data on chittorgarh.com.

The company has received bids for 27,71,53,200 shares against 1,142,400 shares on offer, according to data on chittorgarh.com.

Urban Enviro Waste Management IPO: Issue subscribed 22.44 times on Day 2 led by retail investors

On Day 1, the SME IPO of Urban Enviro Waste Management was subscribed 3.96 times. 

The IPO has a fixed issue price of ₹100 per share. The Urban Enviro Waste IPO's market lot size is 1,200 equity shares.

As a Market Maker Reservation Portion, the company has allotted 57,600 equity shares totaling ₹57.6 lakh. Retail individual investors will be eligible for 50% of the net offer, while corporate entities or institutions will receive the remaining 50%.

The Urban Enviro Waste Management initial public offering's entire issue size is 11.42 crore, which is made up of the selling of 11.42 lakh equity shares at a fixed price of 100 each. Each share has a face value of ₹10.

An offer for sale (OFS) of 2.22 lakh equity shares by selling shareholder Vikas Sharma and a fresh issue of 9.2 lakh equity shares totalling ₹9.2 crore make up the issue.

The company plans to use the net proceeds to pay back some secured loans (together with accrued interest and, if applicable, foreclosure fees) in full, pay for the company's working capital needs, and for other general business objectives.

On June 19, the basis for share allocation will be set, and on June 20, refunds will begin. On June 21, the shares will be credited to the allottees' demat accounts.

Urban Enviro Waste Management Limited provides Waste Management Solutions and Municipal Solid Waste (MSW) Management services comprising waste collection, transportation, segregation & disposal services across the country.