Urban Enviro Waste Management IPO: Issue to open on June 12; Check price band, offer dates, other details
Urban Enviro Waste Management IPO will consist of a fresh issue of 9.2 lakh equity shares and an offer for sale of 2.22 lakh equity shares. The net proceeds will be used for repayment of certain secured borrowings, working capital requirements and general corporate purposes.
Urban Enviro Waste Management, a general waste handling and management services provider, will launch its initial public offering (IPO) on June 12, aiming to raise up to ₹11.42 crore through the issue.
Urban Enviro Waste Management IPO, which will close on June 14, is an SME IPO and a fixed price issue.
The total issue size is ₹11.42 crore consisting of sale of 11.42 lakh equity shares at a fixed price of ₹100 each. The face value of the shares is ₹10 each.
The issue consists of a fresh issue of 9.2 lakh equity shares, aggregating to ₹9.2 crore and an offer for sale (OFS) of 2.22 lakh equity shares by selling shareholder Vikas Sharma.
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The market lot size of Urban Enviro Waste IPO is 1,200 equity shares and the shares will be listed on NSE Emerge platform.
The company has allocated 57,600 equity shares aggregating to ₹57.6 lakh as Market Maker Reservation Portion. 50% of the net offer will be reserved for Retail Individual Investors and remaining for other investors including corporate bodies or institutions.
The company proposes to utilize the net proceeds towards repayment of certain secured borrowings in full availed by the company, funding working capital requirements and general corporate purposes.
The lead manager to the issue is Pantomath Capital Advisors Private Limited and the IPO registrar is Bigshare Services Private Limited.
Financials
Urbano Enviro reported a net profit of ₹1.29 crore in FY2021-22 as compared to a net profit of ₹0.83 crore in FY2020-21. Its revenue from operations increased to ₹19.69 crore from ₹15.72 crore between FY21 and FY22.
For the period ended on December 31, 2023, the company’s net profit stood at ₹1.06 crore, with revenue from operations at ₹26.30 crore.
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.
The company caters to Indian Local Bodies along with providing its services to Residential Areas, Industries, Research Institutes, Power Stations, Government & Semi Government Hospitals and Cantonment Boards few.
“Currently, our projects are mainly into Tier-II or Tier-III cities and now we are looking to expand our footprints in Tier-I and bigger cities to drive the next phase of growth of our company. We are looking to make our mark in the states of Uttar Pradesh and Madhya Pradesh, after existing four. The IPO will enable us to tender for bigger cities,” said Suresh Sharma, Promoter and Whole Time Director of Urban Enviro Waste Management.
The company has undertaken more than 24 projects till date, of which 21 are ongoing in the Central and Western states of Maharashtra, Gujarat, Rajasthan and Chhattisgarh.
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