Urban Enviro Waste Management, a general waste handling and management services provider, plans to go public with an Initial Public Offering (IPO) on 12 June, 2023. The company is aiming to raise up to Rs 11.42 crore, with shares set to be listed on the NSE EMERGE platform. The issue will close on 14 June, 2023.
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, it said in a statement.
The company has allocated 57,600 Equity Shares aggregating to Rs 57.6 lakh as Market Maker Reservation Portion. 50 per cent of the net offer, or 5,42,400 equity shares, will be reserved for retail individual investors. 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.
Urbano Enviro reported a Profit After Tax of Rs 129.35 lakh for the financial year 2021-22, compared to 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 lacs between FY21 and FY22. For the period ended on March 31, 2023, its Profit After Tax stood at Rs 106.42 lakh, with revenue from operations at Rs 2,629.96 lacs.
The Lead Manager to the Issue is Pantomath Capital Advisors and the Registrar to the Issue is Bigshare Services. Suresh Sharma, Promoter and Whole Time Director of Urban Enviro Waste Management said "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."
The company caters to Indian Local Bodies along with providing its services to Residential Areas, Industries, Research Institutes, Power Stations, Government and Semi Government Hospitals and Cantonment Boards to name a few.