GEM Enviro makes stellar market debut; lists at 90% premium to issue price

GEM Enviro Management made an impressive debut on the BSE SME platform today, opening at Rs 142.50 per share, a 90 per cent premium over its issue price. The IPO, which was open for subscription from June 19th to June 21st, received overwhelming interest from investors, with an overall subscription of over 265.13 times.

The IPO consisted of 5.99 million shares priced between Rs 71 and Rs 75 per share. Investors had to apply for a lot of 1,600 shares, requiring an investment of Rs 1,20,000. The listing price of Rs 142.50 per share resulted in a substantial listing gain of Rs 1,08,000 per lot.

Retail investors bid nearly 265.13 times their reserved portion, with bids totaling 47.51 crore shares against the 1.97 million shares available. In the Qualified Institutional Buyers (QIB) category, the subscription was over 160.22 times, and in the Non-Institutional Investors (NII) category, it was 462.89 times. Overall, the IPO received bids for 104.86 crore equity shares against approximately 3.96 million shares offered.

GEM Enviro Management operates in the plastic waste management sector, catering to SMEs and large corporations across India. The company plans to use the capital raised from the IPO to expand its presence in the E-waste, battery, and tyre waste Extended Producer Responsibility (EPR) markets, as well as to enhance its strategic Environmental, Social, and Governance (ESG) advisory and Business Responsibility and Sustainability Reporting (BRSR) services.

As of 02:33 PM, the company's stock was trading significantly higher at Rs 149.62 per share, up by 99.49 per cent from its issue price and 5 per cent from its opening price of Rs 142.50 per share. In comparison, the BSE Sensex was up by 0.84 per cent at 78,718 levels.