Urban Enviro Waste Management Ltd, a leading general waste handling and management services provider, has announced its plans to go public with an initial public offering (IPO) on June 12, 2023. The company is aiming to raise up to Rs 11.42 crore through this IPO, with shares set to be listed on the NSE EMERGE platform.
The IPO consists of fresh issue size of 9,20,000 equity shares with a face value of Rs 10 each, aggregating to Rs 9.2 crore. Vikas Sharma, the selling shareholder, will sell 222,400 equity shares with a face value of Rs 10 each, under offer for sale, aggregating to Rs 2.224 crore. The company is offering its shares for Rs 100 apiece.
The company has allocated 57,600 equity shares aggregating to Rs 57.6 lakh as market maker reservation portion. A total of 50 per cent of the net offer, or 5,42,400 equity shares, will be reserved for retail individual investors. The remaining 50 per cent of the net offer, or 5,42,400 equity shares, will be reserved for other investors including corporate bodies or institutions, irrespective of the number of specified securities applied.
Equity Share Allocation:
Retail Individual Investors (RII) – 5,42,400 Equity Shares
Other Investors – 5,42,400 Equity Shares
Market Maker Portion – 57,600 Equity Shares.
The company proposes to utilise the net proceeds for the repayment of certain secured borrowings (including accrued interest and foreclosure charges, if any) in full availed by the company; funding the working capital requirements of the company; and general corporate purposes.
Urbano Enviro reported a profit after tax of Rs 129.35 lakh for the financial year 2021-22, compared with a profit after tax of Rs 82.88 lakh in the financial year 2020-21. Its revenue from operations increased to Rs 1,969.01 lakh from Rs 1,572.83 lakh between FY21 and FY22. For the period ended on December 31, 2022, its profit after tax stood at Rs 106.42 lakh, with revenue from operations at Rs 2,629.96 lacs.
The issue closes on June 14, 2023 (Wednesday). The Lead Manager to the Issue is Pantomath Capital Advisors Private Limited and the Registrar to the Issue is Bigshare Services Private Limited.
Suresh Sharma, Promoter and Whole Time Director of Urban Enviro Waste Management Limited, said, “We intend to become a top player in our industry. Currently, our projects are mainly into Tier-II or Tier-III cities and now we are looking to expand our footprints in Tier-I and bigger cities to drive the next phase of growth of our company. We are looking to make our mark in the states of Uttar Pradesh and Madhya Pradesh, after existing four. The IPO will enable us to tender for bigger cities.”
Kamlesh Sharma, Managing Director of Urban Enviro Waste Management Limited, said, “We specialize in collecting the garbage of the city and managing it to clean the environment and provide all-round solutions for the Sanitation problem. We have an experienced team of personnels from varied fraternity like environmental engineers, management, chartered accountants, company secretary, legal, human resources and such others, together working towards making the endeavors of the company successful.”
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