Nupur Recyclers IPO subscribed fully on Day 1

The initial public offering (IPO) of Nupur Recyclers was fully subscribed on the first day of the issue on Monday.

The public issue reported strong demand from non-institutional investors as well as retail individual investors (RIIs), who oversubscribed the shares, the company said in a statement.

Nupur Recyclers is looking to raise Rs 34.2 crore from the public issue. The company is issuing 57,00,000 shares at a fixed price of Rs 60 per equity share.

The issue will close on Wednesday. Investment banks such as Corporate Capital Ventures are appointed to manage its public issue. The company expects to list on December 23 on NSE Emerge.

To organise metal scrap market in India, the company has partnered with numerous shredder and floatation plants in Europe and the US for the import of substances such as shredded zinc scrap, zinc die-cast scrap, zurik SS scrap, and aluminium zorba grades.

Nupur Recyclers, a metal scrap processing and recycling company, clocked a revenue of Rs 105.98 crore in FY21 and is expected to record more than 50 per cent growth this fiscal, the company said.