Urban Enviro IPO Listing: Shares Closed at Upper Circuit on the Very First Day
Urban Enviro IPO Listing
Urban Enviro Waste Management is a waste management services company that specializes in collecting and processing waste in various cities across Gujarat, Rajasthan, Madhya Pradesh, and Maharashtra.
The company recently underwent an Initial Public Offering (IPO) and its shares have made a strong entry into the market. The IPO received a tremendous response from investors, with a subscription rate of 255.49 times.
The shares of Urban Enviro Waste Management were initially issued at Rs 100 and are now listed at Rs 141 on the NSE’s SME platform, known as NSE-SME.
This means that investors who participated in the IPO experienced a listing gain of 41 percent.
The positive momentum continued even after the listing, as the share prices quickly reached the upper circuit. On the first day, the shares closed at the upper circuit of Rs 148.05.
Consequently, investors who purchased shares during the IPO enjoyed a profit of approximately Rs 48.05 per share on the very first day.
This successful market debut signifies strong investor confidence in Urban Enviro Waste Management and its potential for growth and profitability.
Urban Enviro Waste Management Made a Decent Debut
The Initial Public Offering (IPO) of Urban Enviro Waste Management, valued at Rs 11.42 crore, witnessed a fierce bidding process as investors displayed significant interest.
The subscription period for the IPO was open from June 12 to June 14, during which time it received an overwhelming response.
The overall subscription rate for the IPO stood at an impressive 255.49 times, indicating a strong demand for Urban Enviro Waste Management shares.
Among the subscribers, retail investors played a substantial role, as their portion of the IPO was subscribed 220.65 times.
This highlights the widespread participation and enthusiasm from individual investors in securing shares of Urban Enviro Waste Management.
The IPO consisted of the issuance of 9.20 lakh fresh shares, each with a face value of Rs 10. Additionally, 2,22,400 shares were sold through the Offer for Sale (OFS) window.
The funds raised through the sale of new shares will be utilized by the company for various purposes.
These include the repayment of debt, meeting working capital requirements, and fulfilling general corporate needs.
The successful IPO and the substantial subscription rate indicate investor confidence in the prospects and potential of Urban Enviro Waste Management.
About the Company
Urban Enviro Waste Management is a company that specializes in providing comprehensive waste management solutions and municipal solid waste management services.
Its operations extend across multiple cities in Gujarat, Rajasthan, Madhya Pradesh, and Maharashtra, where it collects and processes waste effectively.
In addition to waste management services, the company also offers staffing solutions, providing skilled and semi-skilled labor to various industries and organizations.
This diversification allows Urban Enviro Waste Management to leverage its expertise in manpower management and contribute to different sectors.
The company is currently involved in several notable projects. It is working for entities such as Jaipur Municipal Corporation, Ankleshwar, NEERI, Mihan India, HHDC, and Indira Sagar Power Station.
These collaborations demonstrate the company’s ability to secure significant contracts and work with reputable organizations, further enhancing its profile and market presence.
Regarding the financial performance of Urban Enviro Waste Management, its net profit has shown a consistent upward trend.
In the financial year 2020, the company achieved a net profit of Rs 75.07 lakh. This figure increased significantly to Rs 82.88 crore in the subsequent fiscal year 2021 and further rose to Rs 1.29 crore in FY 2022.
These consistent profit growth numbers indicate the company’s financial stability and its ability to generate positive returns.
For the first nine months of FY 2023, covering the period from April to December 2022, Urban Enviro Waste Management recorded a net profit of Rs 1.06 crore.
This indicates the company’s continued profitability and suggests a positive outlook for its financial performance in the current fiscal year.
Overall, Urban Enviro Waste Management’s focus on waste management solutions, diverse service offerings, prominent projects, and consistent profit growth underscores its position as a reputable player in the industry.
