GEM Enviro Management’s shares debuted at ₹142.50 on BSE SME, indicating a 90% premium over the issue price of ₹75. Following the listing, the price increased further, reaching ₹149, a 99% premium over the issue price.
The SME IPO, valued at ₹44.93 crore, was open for subscription from June 19 to June 21, 2024, with prices ranging from 71 to 75 per share.
The company intends to use the net issue proceeds for general corporate purposes and to satisfy its working capital requirements. The IPO got a fantastic response from all segments of investors, with a remarkable subscription rate of 265 times.
The company is a Waste Management Agency (WMA), which provides sustainability services to clients while also tackling the major environmental challenges posed by waste.
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