GEM Enviro Management Limited IPO Opens on June 19
GEM Enviro Management Limited, specializing in plastic waste management and sustainability services, has announced its plan to go public with an Initial Public Offering (IPO) on June 19, 2024. The company is aiming to raise Rs 44.93 Crores at the upper band through this IPO, with shares set to be listed on the BSE SME platform
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Mumbai, June 18: GEM Enviro Management Limited, specializing in plastic waste management and sustainability services, has announced its plan to go public with an Initial Public Offering (IPO) on June 19, 2024. The company is aiming to raise Rs 44.93 Crores at the upper band through this IPO, with shares set to be listed on the BSE SME platform.
The fresh issue size is 14,97,600 equity shares and offer for sale (OFS) is 44,92,800 at face value of ₹ 5 each.
The net proceeds from the IPO will be utilized for Working Capital Requirements and General Corporate Purposes. The bidding for Anchor portion will open on June 18, 2024, the issue will open for subscription for all other category from June 19, 2024 and closes on June 21, 2024.
The Book Running Lead Managers to the Issue Share India Capital Services Private Limited & Fintellectual Corporate Advisors Private Limited. The Registrar to the Issue is Skyline Financial Services Private Limited.
Sachin Sharma, Managing Director of GEM Enviro Management Limited expressed, “Launching our Initial Public Offering is a pivotal moment for us. Over the past decade, we have established ourselves as one of the pioneers in plastic waste management and sustainability services, building strong partnerships with over 100 clients, including industry leading beverage companies. Our future plans include expanding our offerings in E-waste, battery and tyre waste EPR markets, strengthening our strategic ESG advisory and BRSR Services. This expansion will enable us to offer even more comprehensive and tailored EPR solutions, driving substantial environmental benefits and supporting India's journey towards sustainable development. With this IPO, we are poised to accelerate our growth trajectory and make even greater strides in our mission to promote a sustainable and eco-friendly future for India.”
Abhinav Gupta, President (Capital Market) of Share India Capital Services Private Limited said, “The plastic recycling industry in India is poised for significant growth, driven by increasing awareness of environmental conservation and stringent government regulations mandating responsible plastic waste disposal. GEM Enviro Management Limited is uniquely positioned to capitalize on these trends with its comprehensive range of services. The net proceeds from this IPO will be strategically utilized for working capital requirements and general corporate purposes, enabling GEM to expand its operations and continue its innovative work in waste management. We look forward to seeing GEM drive significant positive environmental impact and support India's sustainable development narrative.”
